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By Staff Reporters
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Tax deadline — April 18, 2023 — is today.
Did you know that the probability of being audited by the IRS is generally low, with less than 1% of tax returns receiving a second look? The average chance of being audited is 1 in 333, or 0.3%. But, certain factors can increase the likelihood of being audited, such as earning a lot of money or claiming complex deductions.
For example, the audit rate among filers with income of $10 million or more is 6.66%, while the audit rate for filers with incomes between $25,000 and $500,000 is roughly 0.5%. If selected for an audit, the taxpayer must demonstrate that the information on their tax return is correct
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The following is a round-up of yesterday’s market activity:
- The S&P 500 Index was up 13.68 points (0.3%) at 4151.32; the Dow Jones industrial average was up 100.71 (0.3%) at 33,987.18; the NASDAQ Composite was up 34.26 (0.3%) at 12,157.72.
- The 10-year Treasury yield was up about 8 basis points at 3.3.60%.
- CBOE’s Volatility Index was down 0.13 at 16.94.
Among S&P 500 sectors, real estate stocks led advancers, while financials and industrials were also higher. Small-caps rose, with the Russell 2000 up about 1%. Communication services companies were among the weakest performers, and energy companies slumped as crude oil futures dropped nearly 2%.
The U.S. dollar index strengthened slightly, and equity market volatility remained subdued, with the VIX extending a decline to the lowest levels since late 2021.
CITE: https://www.r2library.com/Resource
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, iMBA, Inc., Investing, Taxation | Tagged: CBOE, crude oil, DHIA, DOW, gold, income tax, IRS, IRS audit chances, IRS audit probability, NASDAQ, oil, Russell 2000, S&P 500, tax, Taxation, Treasury yields, US Dollar, VIX, volatility | Leave a comment »
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