Now that you have filed your income tax return with the IRS, it may occur to you to be worried about being audited. However, while possibility exists, it is not terribly likely that you will be singled out for an audit, especially if you avoided common mistakes that result in an IRS audit. And, even with an increase in audits, your chances of being audited are relatively thin. And, according to MarketWatch, most audits are not terribly onerous:

About 77% are "correspondence audits" that require submission of
documents to clarify an item on the return. After receiving the
relevant records, the IRS may issue a proposed adjustment to your tax
bill, though it can be appealed.

So, now it’s time to plan what to do with your tax refund. Set up a high yield savings account? Pay off some bills? Put a little more in your retirement account?

As long as you keep good records and are honest, you have very little to fear from an audit, even if the IRS marks you out for one.

Tags: income tax return, personal finance, financial planning, finances,
tax refund, IRS, IRS audit, mistakes tax audit