Sam scans every expense, receipt, and transaction the moment you enter it — so the write-offs your accountant never asks about don't quietly disappear in April.
IRS audit data tells a consistent story: self-employed income is the least-verified category in the U.S. tax system — and inadequate recordkeeping is the primary driver of the gap.
For W-2 wage earners, the IRS estimates roughly 1% noncompliance. For Schedule C proprietorship income — with no employer withholding and no third-party reporting — that figure reaches 55%.
U.S. Dept. of the Treasury, "The Case for a Robust Attack on the Tax Gap" (2021); IRS National Research Program audit data
The IRS projects a $696 billion gross tax gap for tax year 2022. Underreporting on timely filed returns accounts for $539 billion of that — more than three-quarters — with business income as the primary source.
IRS Tax Gap Projections for Tax Year 2022 (Pub. 5869), released October 2024
About half of the individual income tax gap accrues to proprietorships, partnerships, and S-corps — income sources where there is little or no third-party data for the IRS to verify what was filed.
U.S. Dept. of the Treasury, citing IRS Tax Gap Studies
For a typical self-employed worker, this translates to an estimated $3,000–$5,000 in missed deductions annually — a direct reduction to your tax bill.
Source: 2019 analysis of 1099 tax returns cross-referenced with IRS SOI Nonfarm Sole Proprietorship Statistics
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* Results vary based on business type and expenses.