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Profitable Painter Podcast

Paint, Profits, and Progeny: A Guide to Tax Savings through Hiring Your Kids in Painting Businesses

July 14, 20231 min read

July 14, 2023

Season 1, Episode 9

Description:

In the podcast episode "Paint, Profits, and Progeny: A Guide to Tax Savings through Hiring Your Kids in Painting Businesses," the hosts discuss the concept and strategy of employing your children in your painting business to achieve tax savings. They delve into the critical legal aspects to consider, including child labor laws, which typically begin to apply from the age of seven, and the importance of providing legitimate work. The hosts break down the financial advantages, including adjustments to tax brackets, potential state income tax pitfalls, and possible contributions to a Roth retirement plan that could amass significant wealth by retirement age. They conclude by detailing how to ensure the process is legitimate by setting reasonable pay rates, tracking work hours, and providing age-appropriate job examples, all contributing to a comprehensive approach to tax savings. 

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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

Paint, Profits, and Progeny: A Guide to Tax Savings through Hiring Your Kids in Painting Businesses

July 14, 20231 min read

July 14, 2023

Season 1, Episode 9

Description:

In the podcast episode "Paint, Profits, and Progeny: A Guide to Tax Savings through Hiring Your Kids in Painting Businesses," the hosts discuss the concept and strategy of employing your children in your painting business to achieve tax savings. They delve into the critical legal aspects to consider, including child labor laws, which typically begin to apply from the age of seven, and the importance of providing legitimate work. The hosts break down the financial advantages, including adjustments to tax brackets, potential state income tax pitfalls, and possible contributions to a Roth retirement plan that could amass significant wealth by retirement age. They conclude by detailing how to ensure the process is legitimate by setting reasonable pay rates, tracking work hours, and providing age-appropriate job examples, all contributing to a comprehensive approach to tax savings. 

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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