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?
Episodes
Learn the strict IRS rules on writing off vacation expenses as business deductions!
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In Part 1 of our series on mixing business with pleasure, we explore the complexities of navigating personal days on a business trip.
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Deciphering worker classification can be daunting in today's gig economy landscape. In this episode, we explore the IRS's guidelines, shed light on gray areas, and provide invaluable tips for businesses to ensure they're compliant with federal, state, and local standards. Equip yourself with knowledge and stay on the right side of the law.
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In this episode, I address a more serious common question about which filing status to use after a spouse's passing.
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In this episode, I discuss the common question of whether you can hire your kids in your business. I provide insights into the legal aspects, tax breaks, and considerations you need to keep in mind. While the answer may seem straightforward, there are nuances and exceptions that you should be aware of. Join me as I break down the topic and provide valuable information for business owners.
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In this episode, I break down everything you need to know to get your W-4 right and cruise into tax time without any surprises.
In this episode, I discuss the tax implications of buying a car through your business. I explain the importance of the 50% rule and how it affects accelerated depreciation. I also touch on financing and insurance considerations when titling a vehicle in the name of your business. Additionally, I highlight the need for proper record-keeping and the availability of Section 179 and bonus depreciation. Watch this video to learn more ab...
Unravel the complexities of S-Corporation health insurance in 2023! Dive into the latest updates, and essential steps for securing your deductions, and get clear answers to top eligibility questions. Whether you're an S-Corp owner or just curious, this guide sheds light on navigating the intricate maze of health insurance regulations. Don't miss out on these valuable insights! 📊💼🩺
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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 ...
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