Tim "The Tax Man" Thompson
Dive down the rabbit holes and wormholes of the US income tax code with us! Whether you're navigating the highway of business taxes or the byway of personal filings, we're here to light up those dark, twisty tax tunnels with a splash of humor, a sprinkle of tales, and a whole lot of tax wisdom. Gone are the days of tedious tax talk! We're spicing things up, making numbers nifty and IRS stories...well, surprisingly entertaining. From the Flake fiascos to the Martins' mysteries, we unpack it all. Subscribe now, and let's decode the tax tales together. Because when it comes to taxes, why be a Flake when you can be a Pro?
Tim "The Tax Man" Thompson
Don't be a Flake:The Importance of a Bulletproof Mileage Log
In this episode, I discuss the importance of keeping accurate mileage logs for tax deductions. I share a personal story about my family's experience with old-school mileage logs you could buy from the drugstore, and then dive into a case involving Jim and Martha Flake and tell how their lack of having a contemporaneous mileage log led to the denial of their deduction in an IRS audit. I explain the IRS requirements for mileage logs, including dates, times, and the nature of the business function transacted. I also provide recommendations for mileage tracking apps, emphasizing the significance of sending a message to the IRS (should you ever be audited/examined) through accurate record-keeping. Finally, I challenge viewers to be spectacular with their record-keeping to maximize their tax benefits.
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