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By AnnaMaria Andriotis,
Reporter, SmartMoney.com
IF YOU THINK you have to be caught stowing away cash in an offshore bank account to trigger an audit, think again. One tiny error on your tax return can have the IRS knocking on your door.
In addition to keeping track of receipts and bank statements, taxpayers need to look into their investment gains and losses for 2008 and make sure they report them as accurately as possible.
There’s good reason to be meticulous this year: According to the most recent data, in 2007 the IRS audited approximately 1.4 million returns, a 7% increase from 2006 and the highest number on record since 1998. And this year, it's unlikely that number will fall, says Mark Luscombe, a principal analyst at CCH Tax and Accounting.
So what will make the IRS question your return? Here are five common audit red flags that the IRS will be on the lookout for this tax season:
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