What are your chances of getting audited by the IRS?

From WiseBread: What are your chances of getting audited by the IRS? Your guess is probably wrong

According to this Kiplinger’s tax tip video, only 1 in 150 personal tax returns get audited. Realistically speaking, your odds of getting audited are probably even lower than that. In fact, it’s virtually zero.

The Kiplinger editor calls the taxpayer’s fear of audits ‘very stupid.’ He explains that you will not get audited as long as you don’t claim any insane tax deductions. Therefore, everyone should be aggressive and take advantage of all the available deductions within reason.

Our irrational fear of audits

One recent survey conducted by a CPA at Louisiana State University shows that the average taxpayers believe 1 in 7 people gets audited by the IRS. Over 80% of the people surveyed had unrealistically high expectations of getting audited.

When the survey takes into consideration the likely income bracket of the participants, the results get even more ridiculous: