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Profitable Painter Podcast

Tax Planning With Income Under $100k

June 14, 20241 min read

June 14, 2024

Season 1, Episode 76

Description:

Unlock the secrets to maximizing your painting business's profits with tax strategies that can turn even a modest income into a growing wealth pool. Daniel and I take you through the crucial tactics that could save you thousands, exemplifying how a $2,000 tax credit can significantly impact lower-income earners. We'll tear down the common misconceptions that tax planning is only for the rich and show you how reinvesting in your business or making smart real estate moves can lead to an optimized taxable income. And for all the entrepreneurs out there, we'll reveal how transitioning from traditional employment to running your own show offers a golden opportunity to leverage tax strategies to your advantage.

Ever wondered how you could be sitting on a substantial net worth yet report a lower income? Join us as we dissect the difference between wealth and income and guide you through the maze of depreciation methods, including the double declining balance and straight-line depreciation. Learn why tax-deferred accounts like HSAs are your new best friends for both immediate and future gains. It's a treasure trove of insights for painting business owners and budding entrepreneurs alike. Plus, we extend an invitation to our Facebook group, Grow Your Painting Business, where you can continue the conversation and get personalized advice to help your business thrive.

Subscribe to the Profitable Painter Podcast

Painting Business OwnersProfitable Painter PodcastBookkeeping For PaintersWealth ManagementIncome StrategyTax PlanningMasterclass
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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
Profitable Painter Podcast

Tax Planning With Income Under $100k

June 14, 20241 min read

June 14, 2024

Season 1, Episode 76

Description:

Unlock the secrets to maximizing your painting business's profits with tax strategies that can turn even a modest income into a growing wealth pool. Daniel and I take you through the crucial tactics that could save you thousands, exemplifying how a $2,000 tax credit can significantly impact lower-income earners. We'll tear down the common misconceptions that tax planning is only for the rich and show you how reinvesting in your business or making smart real estate moves can lead to an optimized taxable income. And for all the entrepreneurs out there, we'll reveal how transitioning from traditional employment to running your own show offers a golden opportunity to leverage tax strategies to your advantage.

Ever wondered how you could be sitting on a substantial net worth yet report a lower income? Join us as we dissect the difference between wealth and income and guide you through the maze of depreciation methods, including the double declining balance and straight-line depreciation. Learn why tax-deferred accounts like HSAs are your new best friends for both immediate and future gains. It's a treasure trove of insights for painting business owners and budding entrepreneurs alike. Plus, we extend an invitation to our Facebook group, Grow Your Painting Business, where you can continue the conversation and get personalized advice to help your business thrive.

Subscribe to the Profitable Painter Podcast

Painting Business OwnersProfitable Painter PodcastBookkeeping For PaintersWealth ManagementIncome StrategyTax PlanningMasterclass
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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