What if I told you that in 13 years, you could go from $0 saved for retirement to accumulating enough wealth to live off you savings forever? It’s easier than you might think. With a deliberate action to budget your personal expenses, execute proper tax planning, and leverage the power of compound interest, you’ll be well on your way to retirement.
There’s nothing worse than paying penalties on top of what you owe the IRS. The IRS can hit you with many different tax penalties. Here are 3 basic IRS penalties and how you can avoid them.
Brandon Lewis from the Academy of Professional Painting Contractors invited me onto his podcast recently. During the podcast, he asked some good questions about how painting contractors should tackle their bookkeeping and tax challenges.
Credit card processing fees can easily cost painting businesses thousands of dollars per year in profit. This is especially true if your business does mostly residential work for homeowners as opposed to commercial work or new construction. Ensuring you are on a price friendly plan for your business is important to maintain a healthy profit margin. In this article, I will compare most popular credit card processing options.
What if I told you that you’re wasting your time? First, you would probably tell me that I was being rude. I’m used to it. I am very upfront, brutally honest in a slightly obnoxious, slightly-endearing way. Next, you’d ask, “How am I wasting my time?” Good question!
What if I told you, your painting business could improve employee loyalty and save thousands of dollars on taxes with one action? Sounds like a crazy idea, right? Well, I’m here to tell you it is possible by claiming the Small Employer Health Insurance Tax Credit.
In this video, I review the eligibility and benefits of claiming the retirement plan startup cost tax credit. I also review an example of how much a painting business owner can save starting a retirement plan.
I recently wrote a blog post for BloggingPainters.com on the recent IRS extension of the Work Opportunity Tax Credit.
The peak season for the house painting industry is upon us. This time of year painting business owners must deal with the chaos of multiple on-going job sites, the barrage of estimate requests, and reams of paper receipts to track. Luckily, there are a few software solutions that can alleviate these headaches.
In a recent article, I discussed how your painting business could benefit from tracking key performance indicators (KPI) in your painting business. In the video below, I walk through KPI basics and show you how cloud-based software, Fathom, can be used to track KPIs. I also briefly review a couple of useful tools in Fathom to include the Cashflow waterfall graph and the GoalSeek tool.