If you fall into one of these groups, you have a higher chance of being the target of an IRS audit

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These people are the biggest targets of the IRS (Financial Planning)

The April 15 tax deadline is on Wednesday, meaning audits are just around the corner. Financial Planning notes the chances of being audited has fall 23% over the past three years, and that only 0.9% of taxpayers were audited in 2014.

So who has the highest change of being audited? According to Financial Planning, “If you make $US200,000 to $US1 million annually, your chances of an audit are around 2.2%, more than double the average.” They continued, “It’s even higher for the extra-wealthy — people who earn more than $US1 million are audited at a rate of around 7.5%.”

Prudential’s CEO is worried about liquidity (Bloomberg)

Prudential Investment Management Chief Executive Officer David Hunt says, “The biggest worry of the buy side around the world is that there has been a dramatic decline in liquidity from the sell side for many fixed income products.” He continued, “I think it’s a big risk and is one of the unintended consequences.” Those comments echo the thoughts of JP Morgan CEO Jamie Dimon, who in his annual letter to shareholders noted, “The likely explanation for the lower depth in almost all bond markets is that inventories of market-makers’ positions are dramatically lower than in the past.”

Money can buy happiness — sort of (Kapitall)

It turns out money can buy you happiness — to an extent. Kapitall notes, research from Princeton University concluded, “higher household incomes were associated with better moods on a daily basis, but the benefit of additional income only extended to the $US75,000 mark.” For those who would like to maximise their happiness, behavioural scientists suggest spending less on material goods and more on experiences.

Women and young people worry about money (Financial Advisor)

Research conducted by the Certified Financial Planner Board of Standards Inc. shows women and young people worry most about money. “Overall, 86 per cent of the 1,008 American adults surveyed say they feel stress when it comes to their finances, but 89 per cent of women and 91 per cent of people ages 18 to 44 report feeling stressed out by their money concerns,” notes Financial Advisor.

Economics and literature can make you a better investor (Wall Street Journal)

Manisha Thakor, director of wealth strategies for women at Buckingham and The BAM Alliance, believes the entire personal finance field is more an art than a science, and anyone interested in the industry should be well read in both economics and literature. Learning is a life-long process, and while it is important to grasp the basic concepts of maths and economics, insight gained through literature is invaluable. Thakor says, “If one wants to truly flourish financially, it’s important to really think about the role that you want money, status and possessions to play, or to not play, in your life.” She continued, “Learning to align the way you live your day-to-day life with your deepest beliefs and values will ultimately lead to smarter financial choices connected to your individual situation. I call this state MoneyZen!”

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