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We’re All Statistics… Which One Will You Be?

In my last post I talked about two stunning statistics and referenced that someone was trying to poison Woody Allen. Today, I want to give you some advice on becoming a good statistic.

On the IRS statistics page, the government writes the following (and I’m just quoting selected passages to keep you from falling asleep):

“An estimated 2.7 million U.S. adults in 2004 had gross assets of $1.5 million or more. In total, these top wealth holders owned nearly $11.1 trillion in assets.”

“57.0 percent of top wealth holders were men, while just under 1.2 million were women”

“Women’s portfolios contained a greater proportion held in personal residences and publicly traded stock than those of men. Conversely, men’s portfolios were made up of proportionately more closely held stock and business assets. In each wealth and age class, male top wealth holders had a higher ratio of debts to assets than female top wealth holders.”

And, in a spreadsheet from the same page entitled “Top Wealth Holders by State of Residence”:

There are only 1000 people in Alaska and North Dakota who each have over $1.5 million in net worth.

Not surprisingly, there are 428,000 wealth holders (+ $1.5 million) in California and 199,000 wealth holders in D.C.

And, in a spreadsheet from the same page entitled “Top Female Wealth Holders by Age”

There are 303 wealth holders under 50 and 410 between the ages of 50 and 65.

More Sobering Statistics:

You have one chance in 280,000 of being struck with lightning (according to the National Lightning Safety Institute)

You have one chance in 146,107,962 to win the Jackpot in Minnesota’s Powerball (MN state lottery)

You have one chance in 100 of having your tax return examined or audited by the IRS (IRS.gov)

These statistics help you create a profile about developing lifestyle and career goals that can align you with some of America’s wealthiest people:

  1. In today’s economy, you need to be a wealthy woman, since the wealthy men’s portfolio is now worth about half of what it was a year ago.
  2. And, it wouldn’t hurt to be between the ages of 50 to 65.
  3. If you want lots of peers, become an actress and move to California or become a politician and move to D.C. If you want to be one of the wealthiest people in the state, become a hunter or trapper and move to North Dakota or Alaska.

You probably shouldn’t gamble if you want to keep your wealth, and you’re probably okay to be outside when it’s raining.

The IRS loves High Net Worth individuals, and smells blood in the water when they review the tax returns of the top 1% of income earners.

Remember, I’m here to help with your IRS audit problems if you need me.

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4 Responses to Sobering Odds of Being Selected for an IRS Audit

  1. Mike Harmon says:

    I would like to put a link to your site on my blog roll and link to your tax articles. It would be a good way to build up readership of tax related articles on accountingtips4you.com.

    thank you.

  2. Timur I. says:

    I always wanted to read about the IRS. Can I take part of your irs article and share with clients?

  3. suzy wandson says:

    It would be nice to see more of these tax planning articles.

  4. borstenpagina says:

    Our Odds of Being Audited by the IRS is higher than normal, as we earned over 500k last year. Who Is Selected for IRS Audits – our family!

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