Get your painting business budget together for the next year!
With the costs of healthcare on the rise, offering group health plans just isn’t an affordable choice for most painting contractors. But it’s never been more important to help shoulder the cost of sky-high premiums for the individuals on your team, and competitive benefits packages prove to be one of the most effective recruitment tools year after year.
Does your business struggle to maintain enough cash in the bank to pay vendors, employees, and bills on a regular basis? If so, you are not alone. According to a study by US Bank, 82% of small businesses fail due to poor cash flow. Managing your cash is crucial to staying in business, and more importantly, making money.
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.
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.
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.
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.