What is a tax audit?
submitted by shilpa sharma

jensen

A tax audit is when the tax officials look at your financial records to make sure you paid everything fairly. It's an official shakedown. They look at your income, expenses, and deductions. This is why you keep good records of everything. You want to be able to explain why did or didn't do certain things.

terrence

A tax audit is when the IRS or some other tax agency reviews your tax filings more closely. They would usually request information from you, like documentation of expenses. They may even interview you. They're trying to make sure you're not underreporting your income.