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Audit Risk?

Being rich has its benefits, but not when tax season rolls around. The more income you report, the higher the likelihood you'll get hit with an audit.

While the audit rate stands at a low 1% overall, it jumps to 9% for people earning between $1 million and $5 million and to an even higher 18% for people with incomes between $5 million and $10 million. Among those earning $10 million or more, 27% face audits.

Related: 4 ways the rich will pay more this tax season

To avoid being forced to share your wealth with the IRS, be sure to keep up-to-date records of all income, donations and other transactions.

"The better documentation they have and the more organized they are, the less headaches they will have down the. It's really important to maintain good records," said Jordan Niefeld, a certified public accountant at tax firm Gerstle, Rosen & Goldenberg, P.A.

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