Each filing season, many taxpayers find themselves nervously wondering about whether they could end up facing an audit from the IRS. Fortunately, it turns out the odds are vastly against this happening to them.

Audits can be expensive, time consuming and stressful matters that are often brought on by inconsistencies or other errors in a tax return. They are also an important example of why it is important for people to meticulously hold on to their tax returns from previous years, as well as other relevant documents and receipts.

Still, stress over the possibility of an audit is often unwarranted. According to a recent report by the Associated Press, people who earn under $200,000 per year have only a 1 percent chance of ever facing an audit.

"The most important thing is to respond quickly to any IRS notice or correspondence. The IRS must give the taxpayer reasonable notice before contacting other sources about the taxpayer's tax liability, and provide the taxpayer a record of contacts and the time they were contacted. In all cases, the IRS must adhere to the U.S. Constitution and tax code. All taxpayers have the right to appeal if they don't agree with the proposed changes to the tax return in question," said John Hewitt, CEO of Liberty Tax Service®.

Even those earning above that figure have a relatively remote chance of ever facing such a situation, with the AP noting that only 3 percent of earners in this category have a chance of being audited. That figure reportedly doubles for those earning more than $1 million per year.

When it comes to keeping one's taxes in good order, a skilled professional is often a good place to start.

Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.