Painting business owners often wait until year-end to file taxes, missing chances to reduce what they owe. Tax planning throughout the year beats compliance-only work with your CPA. You have more control over your tax bill than you think.
I'm super excited about tax planning, which most people would immediately start to yawn and maybe nod off. But I love tax planning and I love what we can do for folks with tax planning because I talk to so many people every day where they might be working with a CPA or an accountant or a tax professional, but they never hear from them throughout the year. They only hear from them to get their tax return done. They don't get any advice. They basically are told, oh yeah, you owe $60,000, write a check to the IRS. They don't have any idea what tax planning is and they don't realize that taxes are not just something that happens to you. You actually have a level of control over what happens in regards to taxes.
You're absolutely right. And a lot of tax professionals are focused on what we call compliance, which is filing the return, writing the check. And that is good. Like, every tax professional has to be concerned about compliance.
What’s REALLY Holding Your Painting Business Back? (Find Your Bottleneck in 5 Minutes)
