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Steering Towards Profitability: Building Support Teams and Maximizing Tax Deductions for Your Painting Business

December 08, 20231 min read

December 8, 2023

Season 1, Episode 28

Description:

Ever wonder how you can strengthen your painting business while minimizing your tax liabilities? Join us as we unravel the secret to building a robust support team for your painting venture and taking advantage of tax deductions. We shed light on the importance of seeking advice from trusted external sources such as friends, family, and industry events. Aboard this enlightening journey, we emphasize the undeniable merits of having a board of directors or advisors, a council of trusted individuals separate from your employees. These are the folks that can offer valuable guidance, helping to steer your painting business towards defined goals. 

As we progress, we dive into the nitty-gritty of formalizing board meetings - a strategic move that can act as a shield for asset protection and a catalyst for tax deductions. Through real-life examples, we illustrate how documenting these meetings can reinforce your stand in case your business runs into legal issues. We also reveal tips to maximize tax deductions like throwing these meetings at resorts or renting out personal residences. Your feedback is gold to us, so we invite you to share your thoughts and ideas. We appreciate your continued support and look forward to continuing this journey together towards a more profitable painting business. Tune in, and let's paint a brighter future together!

Subscribe to the Profitable Painter Podcast

bookkeeping for paintersSteering Towards Profitability Build Support Teams for your Business Maximize Tax Deductions
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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.

Back to Blog
blog image

Steering Towards Profitability: Building Support Teams and Maximizing Tax Deductions for Your Painting Business

December 08, 20231 min read

December 8, 2023

Season 1, Episode 28

Description:

Ever wonder how you can strengthen your painting business while minimizing your tax liabilities? Join us as we unravel the secret to building a robust support team for your painting venture and taking advantage of tax deductions. We shed light on the importance of seeking advice from trusted external sources such as friends, family, and industry events. Aboard this enlightening journey, we emphasize the undeniable merits of having a board of directors or advisors, a council of trusted individuals separate from your employees. These are the folks that can offer valuable guidance, helping to steer your painting business towards defined goals. 

As we progress, we dive into the nitty-gritty of formalizing board meetings - a strategic move that can act as a shield for asset protection and a catalyst for tax deductions. Through real-life examples, we illustrate how documenting these meetings can reinforce your stand in case your business runs into legal issues. We also reveal tips to maximize tax deductions like throwing these meetings at resorts or renting out personal residences. Your feedback is gold to us, so we invite you to share your thoughts and ideas. We appreciate your continued support and look forward to continuing this journey together towards a more profitable painting business. Tune in, and let's paint a brighter future together!

Subscribe to the Profitable Painter Podcast

bookkeeping for paintersSteering Towards Profitability Build Support Teams for your Business Maximize Tax Deductions
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.

Back to Blog

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