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Profitable Painter Podcast

5 WORST Tax Strategies for Your Painting Business

June 28, 20241 min read

June 28, 2024

Season 1, Episode 82

Description:

What if the tax strategies you're following could ruin your painting business? Join us on the Profitable Painter Podcast as we reveal the dangerous misinformation that social media influencers are spreading. We kick off with a fun chat about Daniel's upcoming family trip to Cape Canaveral to see a SpaceX launch and visit the Kennedy Space Center, setting the stage for some serious financial talk. We dive into five common tax strategies that can lead to financial disaster, using the cautionary tale of Wesley Snipes to underline the importance of professional advice.

We then delve into the complexities of multi-state taxation and cost segregation studies for real estate investors. Learn how forming an LLC in one state but operating in another can lead to unexpected tax liabilities, and discover the benefits and risks of accelerating depreciation on your properties. Finally, we tackle the pros and cons of setting up a C-Corp compared to an S-Corp in the context of a painting business, and discuss scenarios like Rollover for Business Startups (ROBS). Don't miss this episode—it's packed with essential insights to help you navigate the financial maze and make informed decisions for your painting business.

Subscribe to the Profitable Painter Podcast

Painting Business OwnersProfitable Painter PodcastBookkeeping For PaintersTax TipsTax MistakesMasterclass
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Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

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Profitable Painter Podcast

5 WORST Tax Strategies for Your Painting Business

June 28, 20241 min read

June 28, 2024

Season 1, Episode 82

Description:

What if the tax strategies you're following could ruin your painting business? Join us on the Profitable Painter Podcast as we reveal the dangerous misinformation that social media influencers are spreading. We kick off with a fun chat about Daniel's upcoming family trip to Cape Canaveral to see a SpaceX launch and visit the Kennedy Space Center, setting the stage for some serious financial talk. We dive into five common tax strategies that can lead to financial disaster, using the cautionary tale of Wesley Snipes to underline the importance of professional advice.

We then delve into the complexities of multi-state taxation and cost segregation studies for real estate investors. Learn how forming an LLC in one state but operating in another can lead to unexpected tax liabilities, and discover the benefits and risks of accelerating depreciation on your properties. Finally, we tackle the pros and cons of setting up a C-Corp compared to an S-Corp in the context of a painting business, and discuss scenarios like Rollover for Business Startups (ROBS). Don't miss this episode—it's packed with essential insights to help you navigate the financial maze and make informed decisions for your painting business.

Subscribe to the Profitable Painter Podcast

Painting Business OwnersProfitable Painter PodcastBookkeeping For PaintersTax TipsTax MistakesMasterclass
blog author image

Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

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