A friend who is a CPA suggests that everyone take a dated cell phone picture of their car odometer on January 1st of each year. While there is no case law supporting this as documentation, it might come in handy if you are ever challenged by the IRS for your mileage deduction to have proof of the odometer reading at the beginning and end of the year. Of course, you also need documentation regarding the business and charitable miles you drive during the year – but I thought this is an idea worth sharing.
Part of estate planning is making sure you have an estate to plan! Becoming more knowledgeable about your taxes, investments, and wealth accumulation and preservation strategies is time well spent. If you are interested in increasing the effectiveness of your estate planning, contact Karen Hindson of Hindson & Melton LLC for a review or update of your current documents.