WASHINGTON - It's tax time, and for many, that means paperwork and frustrations.
But here's some good news, the IRS is less likely to audit you this year.
That's because fewer taxpayers are being audited.
The IRS audited 1.4 million people last year. That's the lowest number in 5 years.
But don't go patting yourself on the back just yet. Audits aren't down because Americans are getting better at crunching the numbers. Instead, audits are down because the agency is in a cash crunch.
The IRS budget has been shrinking since 2010 and that will continue this year.
Less money has meant layoffs and furloughs, so fewer people to do the audits. However, not everyone is off the hook...
Some people are more likely to be audited by the i-r-s, the rich.
About 9% of taxpayers with income over $1 million are audited. That percentage rises, the more money you have. Largely tha'ts because wealthier people have more complicated returns.
Business owners and taxpayers who claim a home office deduction or the earned income tax credit are also more likely to be audited.
So if you're not in one of those groups, you're not likely to be among the 1% of tax payers who get a visit from the IRS.
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