Richard A. Lindsey, CPA

Lindsey & Waldo, LLC – Certified Public Accountants

  • Dec 30

    As entrepreneurs and small business owners, it’s vital that you have a coach, a mentor, someone to guide you, someone who’s in your corner. Sometimes when you have the right coach, and he or she challenges you, you hear things and you get questions that are not easy to hear. That’s the benefit of having a good coach.

    As I look over the business tax returns and the books of our clients, I often spot ways to boost the bottom line with little-known tax savings tips.

    But, I don’t just look at the bottom line. I also see that if I can help boost the top line, the revenue, the marketing, the management for my clients, I can help even more. If your challenges revolve around getting more customers/clients/patients in the door, all the tax saving strategies in the world mean nothing. Without a strong revenue base, I can tell you what your bottom line is, and it ain’t pretty.

    I certainly don’t have all the answers, but I want to pass along what I’ve seen work for me, and for others.

    Frankly, if I can help your business thrive during these economic times with my advice, it will help my business. I suspect that if I help you do well, you will need more of my services, you will recommend the Renegade CPA to others, and we all grow. It’s a true “win-win.”

    But, there’s a lot of confusion out there about how to grow your business right. There’s conflicting advice from so-called experts out there about which cost-effective, powerful strategies will cut through the clutter and give your business the real advantage.

    That’s where I have a certain advantage as a coach. Because I deal with a variety of small businesses just like yours all the time, because I’m right there in the trenches with you, I’ve got play book advantages those other “cookie-cutter” gurus don’t have.

    If you’re tired of the same old results you’ve been getting and you’re ready to kick start your growth, contact me for a coaching application today.

  • Dec 16

    Auto expenses are an important deduction for business owners and employees who must travel.  If you use your personal vehicle for travel in-town or out-of-town, it is very important that you audit proof your auto deduction or risk losing the deduction in its entirety. The last thing you want to do is sit across the table from some burly tax auditor without any records to back up your deduction.

    Can you say bye-bye deduction and hello penalties?

    You can audit proof your deduction by keeping a few simple records. A mileage log, diary, cancelled checks, receipts, repair bills and any other relevant information and documents are all that you need.

    What exactly does the IRS want to see?

    • How many total miles did you put on your automobile last year?
    • How many of the total miles on your automobile were for business and how many were personal? (This will show the business percentage.)
    • How many miles were driven for each trip, from business destination to destination? (IRS wants real numbers, not just a guess.)
    • What was the business reason for going to this destination? (Examples: Business meeting with Tom Smith of ABC Corp. or XYZ Store for office supplies.)
    • What other business expenses were involved in this travel? (Examples: Tolls, parking…etc.)

    If you use a day planner for your appointments, just write the mileage down on it.  If a wall calendar is used for your appointments, that will work too, just make sure to add up the mileage.  The IRS requires that you keep these records “contemporaneously” meaning shortly after the event occurred. It is easier to keep up with it daily and is more acceptable in an audit.  Once you get in the habit it won’t seem so onerous.

  • Dec 2

    At this time of year, some small business owners begin to worry about whether they’ve taken care of their taxes for the year. Sometimes this is a result of an unexpected windfall late in the year, the company’s cash flow not being plentiful when the quarterly taxes were due, or just poor planning.

    But there’s a little bit of time left to do something about it. Well, barely.

    Here are the top 5 last minute deductions you may have overlooked that can cut your company’s tax bill.

    1. Claim every “ordinary and necessary” business expense. The Internal Revenue Code doesn’t list every type of expense that may be deductible for you. An “ordinary” expense is one that is common in your industry and for your size company. It may be “ordinary and necessary” for Trump Enterprises to spend money on a helicopter for The Donald, but not likely for you and me.
    2. Write off all your bad debts. Be realistic – do you really expect to collect money from that delinquent customer? If, for some reason, you do collect it in the future, then you can claim it as income at that later date.
    3. Record out-of-pocket expenses. If you’ve paid company expenses with cash out of your pocket, or your personal credit card, then make sure those expenses get recorded for the business. You can either reimburse yourself for those expenses or treat the money spent as a loan to the company.
    4. Claim credit card and other interest. All that troublesome interest is tax deductible as a business expense.
    5. Claim your tax credits. Your small business may be eligible for a health care tax credit, bonus depreciation and more retirement plan contributions.

    Of course, tax planning shouldn’t come down to last minute stuff in December. We can be of a lot more help throughout the year.