Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Business Owners: Creating #WinWinScenarios within your company is the ultimate goal!

Name: Painting Business Owners: Creating #WinWinScenarios within your company is the ultimate goal!
Uploaded: 2023-08-14T17:19:46+00:00
Duration: 32 s
Channel: Daniel Honan
Description: In this segment, the speaker advises painting business owners to organize employee experiences such as leadership meetings, appreciation dinners, holiday…

14 Aug 2023 · 1 min

Watch on YouTube

0:32

In this segment, the speaker advises painting business owners to organize employee experiences such as leadership meetings, appreciation dinners, holiday gatherings, or simple company barbecues that serve a genuine business purpose. By classifying these events as legitimate business activities rather than payroll compensation, the costs become tax-deductible and are not subject to payroll taxes for employees. This creates a win‑win scenario: the business gains a tax benefit while employees enjoy team‑building experiences that strengthen relationships and morale.

Chapters

do some sort of experience where you're doing some sort of leadership meeting, employee appreciation, holiday dinner, something like that. You basically get around having to pay those extra taxes because you don't have to run it through payroll. You just hold the experience as long as it does have a true business purpose, like you're doing some planning or you're, you're showing appreciation to your employees. It's the benefit of your employees that can be tax deductible still, and then it's not getting taxed to your employees. It's kind of a win-win. It just helps build your team. They get to do something cool, maybe go somewhere new, or maybe it's just something simple like a company barbecue. Could be relatively inexpensive, build relationships there.