How Much Is Collected In Taxes Yearly ??

[TAB]

I know I will be audited for last year.  My taxable income jumped by many times compared too the last few.  I am already prepared for it, just waiting on the letter

[Big Frank]

I know I will be audited for last year.  My taxable income jumped by many times compared too the last few.  I am already prepared for it, just waiting on the letter

They'll likely think you under-reported your income all of the other years. I heard they can only go back 7 years on an audit but that could just be hearsay.

[TAB]

They'll likely think you under-reported your income all of the other years. I heard they can only go back 7 years on an audit but that could just be hearsay.

they can go back 10 if they believe it was fraud.  7 is normal.  I have all the documents, ready to go.  In both digital  and hard copy.   I can send them balance  sheets if they request it or I can send them a copy of every invoice/ receipt  I have if they want.   From 6 figure invoices to $.15 washers.  I have it, ready to go.  I am really. It worried as my recorded keeping is beyond anal.   What can I say my mother was an lead auditor for ftb( franchise tax board. Ca irs)   so I always have paper.

[Solus]

Good work, TAB.  Sounds like you are prepared.

Reminds me of this joke...

https://www.sunnyskyz.com/funny-jokes/102/The-IRS-Audits-A-Gambling-Grandpa

[Big Frank]

Good work, TAB.  Sounds like you are prepared.

Reminds me of this joke...

https://www.sunnyskyz.com/funny-jokes/102/The-IRS-Audits-A-Gambling-Grandpa

  Classic joke Solus, but if the last bet was double or nothing like they said, it would have been another $3K, not $6K, and the auditor would end up with (double or) nothing. $6K would be lose triple or end up $3K ahead. Win or lose it wouldn't be double, or nothing.

[Sponsor]

[MikeBjerum]

They'll likely think you under-reported your income all of the other years. I heard they can only go back 7 years on an audit but that could just be hearsay.

Not saying they can't go back further, but when we were audited she told me three is where they typically stop, and no more than five.  That is why when they did ours there was only one additional year, vs. the typical target plus two previous.

[TAB]

For me they will most likely want the last 3 as that is sop. I am not worried.  I reported every check I got and did not write off a few things as they would be hard too prove personal/business. 
Example my 5th wheel I am living in while I am building my house. I bought it for a job site trailer for 1 job, but kept it afterwards as I knew I would  need it for what it is being used  for now.  Hard too put a value on its use on a job site as you can not rent a job site trailer that is anything other then a office.  This one I bought so I could live on site during the week.  While I am sure I could claim some % of its costs, is the few hundred worth the massive head ache?  No it's not

[Big Frank]

I finally paid my city taxes. I dropped the envelope in a public mailbox so it will be postmarked tomorrow, 2 days before the deadline. I think I mentioned somewhere on here that I don't write many checks anymore. I looked at my carbonless copies and the check before this one was in October 2014 when I had a guy come and look at my furnace. That was the last year I paid my property taxes by check too.