In Episode 6 of Tax Tribe the Podcast, I teach you how to track and substantiate your business miles so you can maximize the Car and Truck Expense Deduction and defend it in case of an audit.

I cover:

✨ What to include in a contemporaneous mileage log

✨ The records you’ll need for the Standard Mileage Deduction

✨ The additional documentation you’ll need for the Actual Expense Deduction

✨ Why mileage still matters when you deduct actual vehicle expenses

✨ How long to retain your records

And because good record-keeping is easier when you have the right tools, I created a FREE Tax Tribe Business Mileage Log to help you track your trips as they occur.

🎁 Grab your free mileage log here:https://tax-tribe.kit.com/2fd81cafb5

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Let’s connect!

Website: www.taxtribe.com

LinkedIn: https://www.linkedin.com/in/wendyuken/

Instagram: https://www.instagram.com/taxtribe/

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This podcast is meant for educational purposes only. You should always consult with a licensed tax professional–Like me!–to determine what’s right for you and your business.

In this episode of Tax Tribe, the Podcast, we break down what qualifies as business transportation, the difference between business travel and commuting, and the two methods for deducting car and truck expenses: the standard mileage rate versus the actual expenses.

Plus, a Hot Tip on how to preserve the option of switching between the two, so you can opt for the most advantageous one and keep more money in your pocket!

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Let’s connect!

Website: www.taxtribe.com
LinkedIn: https://www.linkedin.com/in/wendyuken/
Instagram: https://www.instagram.com/taxtribe/

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This podcast is meant for educational purposes only. You should always consult with a licensed tax professional—like me!—to determine what’s right for you and your business.

In this episode of Tax Tribe, the Podcast, I break down business expenses in language any new micro-business owner can understand.

You’ll learn the basics of when expenses are deducted under the cash and accrual methods, what makes an expense ordinary and necessary, and how to handle costs that are partly business and partly personal.

Then, I'll tackle two terms that can sound intimidating but don’t have to be: capital expenses and Cost of Goods Sold, or COGS.

We’ll look at how start-up costs, business assets, major improvements, product materials, and business tools receive different tax treatment, and why putting an expense in the right category matters.

Take a listen and learn how to use your business expenses to maximize the legal deductions you’re entitled to and keep more money in your pocket.

As always, this podcast is meant for educational purposes only. You should always consult a licensed tax professional, like me! To determine what’s right for you and your business.

How long should you keep your tax records?

In this episode, we break down the different federal record-keeping timelines; from the general three-year rule to situations where records should be kept for four, six, seven years, or even longer.

We also talk about what can happen if you’re audited and don’t have the records to support your deductions.

If you want a simple rule of thumb for your business records, this episode will help you build a system that’s easy to follow and easier to defend if the IRS ever comes knocking.

In this episode, we break down which records micro-business owners should keep to better understand their finances, support their deductions, and be prepared in case of an audit.

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This podcast is intended for general educational purposes only, and it isn’t tax advice specific to you or your situation.

Always consult with a licensed tax professional, like me! to make sure you’re doing what’s right for you and your business.

In Episode 1 of Tax Tribe, the Podcast, I share a little about where I’ve been, why I’m returning, and why good recordkeeping is about so much more than simply keeping the IRS happy.

Because at the end of the day, good recordkeeping isn’t simply busywork completed for the government. It’s a tool for understanding, and protecting, what you’re building.

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This podcast is intended for general educational purposes only and it isn’t tax advice specific to you or your situation. You should always consult with a licensed tax professional, like me!, to make sure you’re doing what’s right for you and your business.