Tax Audit
TaxGlossary term
Definition
A review of your tax return by the IRS to verify that income and deductions are reported accurately. Audits can be conducted by mail or in person and may result in additional taxes owed, penalties, or a refund.
Related terms
- Itemized DeductionsSpecific expenses that can be deducted from taxable income, including mortgage interest, charitable donations, and medical expenses. Must exceed the standard deduction to be beneficial.
- Amended ReturnA revised tax return (Form 1040-X) filed to correct errors or make changes to a previously filed return. Common reasons include unreported income, incorrect filing status, or missed deductions and credits. Generally must be filed within three years.
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