I count my blessings daily that I live in a very walkable neighborhood. Every spring I see countless folks out enjoying the weather and strolling on our sidewalks. There are dog walkers, couples, groups of friends and solo enthusiasts that are pounding the pavement.
Did you know that walking is one of the BEST forms of exercise? Most of us are pacing between 3-4K daily however if you want to enjoy the incredible benefits of this activity you may need to increase your steps. The popular belief is that 10K is the magic number, however studies have shown that improved mood, better heart health and stronger knees level off at about 7,500 steps a day, according to a May 2019 JAMA Internal Medicine study.
A March 2022 review in Lancet Public Health looked at more than 47,000 people internationally. The review found mortality risk was lowest at 6,000 to 8,000 steps for people over the age of 60 and 8,000 to 10,000 steps for younger people.
Ready to get started? Join me and thousands of others participating in May's Walk Challenge by Livestrong. Click here to join, it is FREE. There is a printable calendar for you to track your progress and a group on social media that will cheer you on! I invited LaRita, my neighbor, to sign up and am looking forward to getting in the steps with her!
Tips for getting started:
Purchase comfortable walking shoes...hey here's an excuse to go shoe shopping this weekend! Try on multiple pairs until you find a pair that offers support and cushion.
Get a pedometer or use your smart watch to track your daily steps. You'll be surprised at how much you walk around living your daily life.
Find a buddy to hold you accountable. I found out firsthand how easy it is to walk with someone else. You definitely go further and enjoy the adventure more.
Print out the calendar & track your daily steps.
Take it slow and build up to 7500 - 10K daily. If you add 1000 steps a day you are benefitting your body.
Remember this is a lifelong habit and it takes time to develop!
I'll keep you posted weekly on the ups and downs of my progress! Let's walk together!
DIY Egg Rolls - New on YouTube this Sunday!
I've been working on a series of YouTube episodes featuring handhelds. Sandwiches, tacos, wraps and now, egg rolls are a part of this collection. Everyone I know likes a great egg roll and my hubby has perfected this recipe over the years. This is the MOST requested meal from our tribe of family & friends. It will go live on Sunday at 2PM! Click here to subscribe to my channel and press the notification bell so you don't miss this video!
Filed your Taxes, Now What?
I know two folks who are very happy to see tax season come to a close. Richard Lindsey & Paula Waldo spend countless hours helping their clients file taxes on time. One of the leading questions that they get is "How long do I have to save documents"?
Richard shared a great email recently (I suggest you sign up for them) addressing this concern. Call his office to subscribe at 251-633-4070.
Now is the ideal time to begin planning for 2023 tax season. If you are looking for a wonderful accounting firm to handle your finances, Richard & Paula would like to meet with you!
Richard Lindsey's "Real World" Business Strategy Note Keeping Tax Documents: Biz Edition
“You've got to be on top of your record-keeping. Imagine one day if a major bank is taken down and the records are gone.” - Ross Perot Jr.
The federal tax filing day may be over for some people, but if you’re running a small business, you know the tax season never really ends. Starting with documentation.
How long do I have to keep business tax documents? is a natural question this time of year – and keeping tax records looms large as you often use them for financing and budgeting and paying taxes at other times of the year.
Here’s how to stay on top of that.
The timeframes
Generally, keep any record that supports any figure on your tax return, such as income, expenses, tax credits, or on your tax return deductions (home-office or meals and entertainment are big examples) until the period of limitations for that tax return runs out. Business tax returns and other tax documents have a statute of limitations (how long the IRS has to question your tax filing) similar to that of personal tax returns and documents:
Three years from the date you filed your original return or two years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file.
Six years if you do not report income that you should report and it is more than 25% of the gross income on your return.
Seven years if you file a claim for a deduction from a loss from bad debt.
Keep employment tax records at least four years after the date that the tax becomes due or is paid, whichever is later.
Keep records indefinitely if you don’t file a return or if you file a fraudulent return.
Generally, the higher your income and profits and the more complicated your return, the better it is to keep complete tax backups as long as possible. Keep your state tax documents with your federal ones.
Other documents
Many records can intertwine with the tax ones of your company, and you may need to keep these for different lengths of time. Legal documents like deeds, patents and trademark registrations, property appraisals, rental agreements, bills of sale, and ownership records you keep indefinitely.
Keep all accounting documents and anything bank-related such as account, credit card, and investment statements and canceled checks for at least seven years, maybe longer (check with us regarding your particular circumstances). Keep insurance documents until you replace expired ones.
By the way, regulatory agencies also often have their own retention recommendations. The Occupational Safety and Health Administration, (OSHA)for instance, says to keep records of serious work-related accidents for five years. The U.S. Department of Labor says to keep most payroll records for at least three years. The U.S. Chamber of Commerce says to keep even job advertisements, applications, and resumes on file for at least a year. Other agencies might have retention requirements, too, depending on the state and on your industry. We can help you check.
Ditto the ever-changing breaks for businesses, too, such as bonus depreciation and the meals and entertainment deduction — especially get with us on this one if you’re thinking of amending a past return to re-do expense deductions.
How long should you keep your tax returns themselves? Well, you never know when a given year’s return will come in handy for filling out future returns or if you decide to amend one someday to try for a past tax break like the Employee Retention Credit. And lenders and other sources of financing may want your return for years to come.
Not to mention that the IRS got a big funding bump last summer as part of the federal Inflation Reduction Act and has pledged more scrutiny of many taxpayers (though their focus, they’ve said, is targeting accountability for those in very high tax brackets).
How to store
Keep your tax returns and, for that matter, many of your records for good. It’s never been easier.
The IRS is finally catching up with the private sector in its common use of digital documents. E-documents for your taxes must be clear and identical to the paper original.
Desktop printers can now digitize a document. You can put it on a thumb drive or other external media – which remember could itself be obsolete in a couple of decades – or upload it to a cloud storage service. Some are from household names like Amazon and Google but others are more geared toward businesses and come with varying price tags.
When it does come time to toss old tax records, DO NOT just heave them into the dumpster behind the parking lot – that’s treasure for identity thieves. Use your shredder instead.
Richard A. Lindsey, CPA
Your Small Business Tax Expert
Author of Fairness or Folly, Crazy Little Shorts for These Taxing Times, and
Co-author of the Best-Seller, Breaking the Tax Code
Lindsey & Waldo, LLC
"You see the numbers, we look for the opportunities"
(251) 633-4070
WE’VE MOVED TO 4328 BOULEVARD PARK S, MOBILE, AL 36609
Are You Thinking About Selling Your Business?
Did you know that my company, Collective Minds, has an M & A branch ready to help negotiate deals? We bring decades of experience to the table for buyers and sellers. Visit our website at cmmabrokers.com for more details!
Things to Do This Weekend!
The Parade of Homes continues this weekend in Mobile! Last Sunday we were out enjoying the beautiful weather and decided to tour my friend Katie & hubby, Robert Collins' showcase home. Wow! What a build and incredible place nestled in one of the nicest locations in West Mobile.
There's still time to check out the soundproof office, a pantry you could sleep in, a master suite unparalleled and so many more amenities. Visit on Saturday & Sunday from 10AM - 5PM at 8529 Crepe Myrtle Court in Mobile.
Congratulations on a phenomenal showcase home! By the way, this distinguished abode is for sale! If you are interested be sure and contact Camille Wilkinson at The Camille Wilkinson Team of Direct Mortgage Loans for your lending needs! Click here for more info.
One of the advantages of living in Mobile is that major cities are only a short drive away! This weekend the New Orleans Jazz & Heritage Festival kicks off with some major acts performing. If you have never attended, this could be a great thing to do. You'll see everything from jazz to gospel to rock legends perform to the 100,000+ crowds. Insider tip: because of the storms that blew through this week the grounds are going to be muddy, so dress accordingly.
Other ideas for a fun weekend:
Visit one of our local beaches - Dauphin Island is the closest, unless you are in Baldwin County. Orange Beach may be calling your name today!
Visit a local park or museum!
Shop local in one of the many privately owned shops all over Baldwin & Mobile counties!
Invite friends over for lunch or dinner! We had friends over last Friday and are still basking in the fun of the get-together!
Coming soon...
Hot off the Press from Camille Wilkinson!
Give her a call for more information at 251-378-9359.
Have a wonderful week and please consider walking for the month of May. Your body, mind and soul will thank you! ~ Charlsie
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