Deduct This With Carrie and Lexi
Listen to tax and accounting professionals sharing proven methods, useful tips, and practical experiences to help you succeed more at your firm. Each episode provides clear insights designed to help you handle client work more effectively, simplify tax preparation, and better deliver advisory services.
You'll gain:
- Practical tips for efficient client interactions.
- Proven ways to transition confidently into advisory work.
- Effective methods to increase success without hiring additional staff.
- Useful lessons from experienced tax professionals focused on improving outcomes.
Together, we're helping tax professionals perform better, achieve more, and simplify success.
Deduct This With Carrie and Lexi
Stop Serving Everyone: How Niching Down to Construction Transformed Timothy Wingate Jr’s Firm
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Growing up, Timothy Wingate Jr. watched his father's construction business ride a financial roller coaster for years. One summer, it was Disney World. Next, it was back to work. Not because the jobs were not there, but because no one ever taught him how to price, plan, or protect what he was building. Timothy decided that the story would not repeat itself for an entire industry.
Timothy Wingate Jr., EA, Founder of G&F Business and Financial Consulting, built his entire practice around one of the most underserved industries in tax and accounting: construction. After two years of trying to serve every type of client and losing his mind in the process, he made the leap and never looked back. Today, his firm runs like a well-oiled machine.
Standardized chart of accounts, repeatable onboarding workflows, and a client advisory model built specifically for construction contractors that goes far beyond the tax return. Timothy breaks down what it actually takes to serve construction clients well, why most contractors are losing money before the job even starts, and what happened to his firm when he stopped trying to be everything to everyone.
In this episode of Deduct This, you will learn:
- Why construction accounting requires a specialized chart of accounts structure and how incorrect setup throws off every KPI your client relies on
- What deferred revenue is and why it is non-negotiable for proper revenue recognition in construction bookkeeping
- How construction contractors lose profit through incorrect pricing before a single job begins, and the difference between markup and margin that most owners get wrong
- How Timothy uses the asset depreciation feature in ProConnect Tax and the de minimis safe harbor to uncover tax planning opportunities other accountants miss
- Why niching down to one industry made his practice simpler, more scalable, and significantly more profitable, and the question he says every tax pro on the fence should ask themselves
The construction industry does not need more generalists. It needs advisors who have studied the audit guide, interviewed contractors, and know exactly what questions to ask at onboarding. Deferred revenue, revenue recognition, and the de minimis safe harbor are not advanced topics here. They are the baseline. Timothy built that practice. This episode shows you how.
Explore ProConnect Tax to streamline tax preparation: https://accountants.intuit.com/tax-software/
Connect with the hosts:
🎙 Carrie Hammond: https://linkedin.com/in/cahammond
🎙 Lexi Bonicard: https://linkedin.com/in/lexibonicard
Follow Timothy Wingate Jr.:
LinkedIn: https://www.linkedin.com/in/twingatejr/
Website: https://tinyurl.com/ynnkatcm
#TaxPro #IntuitTax #ProConnectTax #DeductThisPodcast #ConstructionAccounting #TaxPlanning #NicheAccounting #ClientAdvisoryServices #TaxAutomation #WorkflowEfficiency #ContractorAccounting #FirmGrowth