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Don't be a Flake:The Importance of a Bulletproof Mileage Log
Manage episode 373936029 series 3501738
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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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