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Tax Day may have passed on Monday, April 18th but financial expert Dr. Lynn Richardson has a message for you: Everyday Is Tax Day. April is National Financial Literacy Month and we are starting a new segment on Get Up! Mornings with Erica Campbell, entitled “Money Moneys.” We kick things off with Dr. Rricharson, who is an award-winning author and speaker with a doctorate in Theology.
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Dr. Richardson breaks down items you need to know surrounding Tax Day and preparing for next season.
Here are some excerpts from Dr. Richardson’s conversation with Erica Campbell and GRIFF.
Erica Campbell: Today is tax day and you say every day is tax day “when you learn how to get your money back.” Explain what you mean by that?
Dr. Lynn Richardson: What I mean is this, you know, people think that tax season only happens one time a year, it’s that one time a year where you’re able to get a refund, you’re not really sure how that refund is calculated. And we wait for that one day of the year. But the truth is, when you have a home-based business, when you understand the ways of the wealthy, when you understand how to get your money back, you realize that tax day is every single day. So whenever I drive my car for business, I get my money back. Let me tell you why that’s important. Right now, gas prices, can anybody say gas prices, okay?
Can anybody say gas prices, (but) here’s the deal: If I leave my house, and I drive to the post office for business, to drop off the mail, if I drive to a dinner meeting for business, if I drive to some kind of consultation for business, then if I track my mileage, then the gas that I spent, I get that money back my car, note that I spent, I get that money back. My oil changes and maintenance, I get that money back. Here’s another example.
When you go out to eat, everybody’s going outside how many times are we going out to eat with our family and friends? Let me tell you something because I’m in the business of money, everything is business so we are always talking about money. So when I take people out for dinner, it is a business discussion. That way, I get that money back. And so every single time I spend money, I asked myself this question: men, can you get it back? If the answer is no, I figure out how to align that activity up with business. So then I can say yes, truthfully, honestly, legally, and all with the permission of the IRS. That’s the deal. Do not lie about it. Tell the truth, be in business, work in your business every single day, so you can get your money back. And that’s why tax season becomes a thing that you think about every single day.
When it comes to the most overlooked tax deductions:
Dr. Richardson: The most overlooked tax deduction that people do not know about is their car and truck expenses. You know, unfortunately, individuals get a bad rap when it comes to Car and Truck expenses. When I used to live in Chicago, and I lived in the suburbs of Chicago and I had to drive for Forty-five minutes into the city to go to the bank where I worked, that car ride is on me. Nobody cares. Nobody cares about the wear and tear. Nobody cares about the expense. However, if I get in that car, and I first drive to Starbucks to have a business discussion with a potential client, or a colleague, and that Starbucks is across the street from my company where I work, guess what? Now that drive is a tax write-off.
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