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I had $8,152 in gross receipts business and $2,563 in

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I had $8,152 in gross...
I had $8,152 in gross receipts for my business and $2,563 in expenses which doesn't seem high to me but was wondering if there is a percentage that raises a red flag with the its
Submitted: 2 years ago.Category: Tax
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Answered in 6 minutes by:
3/5/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,061
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello

There is no magic number or percentage that will make the IRS audit you. The IRS does look at industries and compares items across the broad in the specific industries.

Items out of the norm are called Red Flags. As long as your expenses can be substantiated then you have nothing to worry about.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

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