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Profitable Painter Podcast

Navigating Estimated Taxes for Your Painting Business

June 16, 20231 min read

June 16, 2023

Season 1, Episode 5

Description:

In the episode "Navigating Estimated Taxes for Your Painting Business," we delve into the vital topic of understanding and effectively managing estimated taxes. We explain the necessity and benefits of making timely estimated tax payments, including avoiding penalties and effectively managing cash flow.

We spotlight key due dates and discuss potential repercussions of late payments. The podcast also guides listeners through the process of calculating and making estimated tax payments using various methods. We then examine potential penalties for missed payments and provide guidance for such scenarios. 

We further clarify the concept of "safe harbor" amounts in estimated taxes, highlighting the benefits and guiding listeners on calculating these. Finally, we engage with listener feedback on their experiences with estimated taxes. 

We conclude by reiterating the significance of staying on top of estimated taxes for the financial health of your painting business.

Subscribe to the Profitable Painter Podcast

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
Profitable Painter Podcast

Navigating Estimated Taxes for Your Painting Business

June 16, 20231 min read

June 16, 2023

Season 1, Episode 5

Description:

In the episode "Navigating Estimated Taxes for Your Painting Business," we delve into the vital topic of understanding and effectively managing estimated taxes. We explain the necessity and benefits of making timely estimated tax payments, including avoiding penalties and effectively managing cash flow.

We spotlight key due dates and discuss potential repercussions of late payments. The podcast also guides listeners through the process of calculating and making estimated tax payments using various methods. We then examine potential penalties for missed payments and provide guidance for such scenarios. 

We further clarify the concept of "safe harbor" amounts in estimated taxes, highlighting the benefits and guiding listeners on calculating these. Finally, we engage with listener feedback on their experiences with estimated taxes. 

We conclude by reiterating the significance of staying on top of estimated taxes for the financial health of your painting business.

Subscribe to the Profitable Painter Podcast

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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