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Pink Denial | Will these expenses get me audited? |
My husband and I both have regular jobs, but I also do some freelance editing on the side. For 2007, I received a 1099 for about $1,179. I figured my expenses to be $63 for supplies.
This is the first (and last) year of this self-employment. I didn't save all of my receipts. Are $63 for expenses reasonable? Am I likely to get audited? If I do get audited, what's the worst that will happen?
Additional Details
I did complete the Self-Employment Tax.
These are legitimate expenses. Printer cartridges, printer paper, pencils, etc. Each book was about 300 pages long. I'm just not very organized, that's all. |
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bostonianinmo
 |
Statistically you're not at high risk for an audit; $63 is completely reasonable in the context of the income reported.
The absolute worst that can happen is the IRS will disallow the expenses that you don't have receipts for. If they chucked the whole $63 and you're in a 25% tax bracket it would cost you $16 in extra tax plus maybe a buck for penalties and interest. |
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john
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the worst thing that can happen is they will audit all of your taxes for the last 7 years.
My best advise is the $63.00 in undocumented expenses is not worth the risk. Pay the taxes on the extra $63.00 and be done with it. |
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MO
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The IRS has random audits...this can be anybody. You should have claimed your expenses that had receipts. But that $63.00 is not that drastic. Relax. |
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Judy1
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I doubt that the IRS would bother auditing for $63 of expenses.
The worst that could happen if you DID get audited for some reason and didn't have receipts would be that the expenses you couldn't prove would be disallowed and you might have to pay another $10 income tax or something. |
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Arthur R
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Relax. Even if you're audited and they deny the expenses, you'll owe, maybe $22 in additional taxes, and a few dollars in interest. And the amounts are small enough that it wouldn't trigger an audit, although you could always be audited for other reasons or for a random TCMP audit. (In the event you received income not mentioned on the 1099, be sure to report that, as well....)
If you didn't actually incur the expenses, though, they COULD go after you for criminal tax fraud. (Civil tax fraud would only double the amount owed....) |
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Dave T
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As the others have said here you have a low audit risk. The IRS does audit returns at random. If every thing else on your return is correct then you would only be looking at the audit disallowing $63.00. My guess that would not be more than $20.00 in additional income taxe. You business expenses are reasonable for the gross income and the IRS can take your oral statement about the expenses and allow them even without the receipts.
What I did not see you mention is Self-Employment Tax on the income. Complete Schedule C and then Schedule SE. This is the amount of Self-Employment Tax. Any adjustments to your business expenses will also adjust you Self-Employment Tax. You can get more information and forms from the IRS web site at www.irs.gov. Look at Publication 17. There is a lot of good information in this publication and it refers you to other publication if you need more specifics on a topic. |
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Brian J
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All that being said, if these are legitimate expenses and you have receipts to document them then, you should claim them.
If these are not legitimate expenses and you have no evidence/receipts to proof your claim then, you should not claim them.
Whether or not the IRS will or won't audit you should have no bearing on your decision.
Always do the right thing...... |
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patrick m
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you are talking about a savings of $20ish on your taxes. if your have trepidation, don't take it.
on the other hand....
I would think that you are probably understating your expenses - if you look at telephone calls, mileage, cell, postage (shipping), computer time - i would think your reasonable expenses are much higher.
GL - |
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