The answers to some of your biggest questions about tax audits

April 11, 2015 2:08 AM

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The very mention of a tax audit can conjure dread in the heart of even the most diligent, honest taxpayer. The perception is that, without warning, a knock at the front door of your home or office could bring with it a team of suited, briefcase-carrying Secret Service-looking types who quickly commandeer and confiscate everything related to the taxes you just filed.

While this might resemble something from our worst tax nightmares, in reality, this scenario is one of the biggest fictions when it comes to your taxes. Audits not only play out in an entirely different way, but they’re rarer than you think. Your chances of being selected for one are about 1 in 100,...

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