While there's no guarantee you won't be audited, you can reduce the chances of it happening by avoiding these errors:
- Don’t overstate charitable contributions. Keep your receipts and be sure to use an accurate number.
- Don’t incorrectly deduct mortgage points. If you paid points to get a better rate on your home loan, you may be able to deduct them. However, there are guidelines that have to be met first. Visit IRS.gov to see if you qualify for this deduction.
- Don’t exclude small interest payments. The low interest rates may make it tempting to exclude small interest payments you received on savings and investment accounts from your return. However, an omission may make the IRS wonder what else you may have left out.
Credit: Buffini & Company; nerdwallet.com
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