There are many different reasons why TurboTax is estimating your audit risk might have bumped up to medium. If you know you have reported your information correctly, you should be confident in filing your returns.
Your business may be showing a loss due to depreciation from assets placed in service in past years, or you may have made an error in one of your expense amounts. You should review your entries to ensure they are accurate before you proceed.
To do this in TurboTax Online you can follow these steps:
- Within your tax return use the magnifying glass icon to search for Schedule C
- Click the Jump to link
- Click Edit for the line of work
- Click Edit for each income and expense line (including Assets if you have them) and verify your entries
If you would like assistance reviewing your return, you can upgrade to TurboTax Live Assisted by clicking the Live Tax Advice button in the upper right of your screen when you are logged into TurboTax.
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