Painting business owners should plan taxes year-round, not wait until filing season. The speaker compares last-minute tax fixes to fixing your diet after a heart attack. Plan during spring, summer, and late fall to avoid stress and costly mistakes.
when to start tax planning. We pay taxes every year and we tend to not think about it unless it's February or March. Once we get that 1040 filed, it's off our mind until we start seeing the advertisements come up during the Super Bowl or something like that. But if we wait until we're filing to worry about tax planning, it is unfortunately too late, right? Daniel, you have a great illustration about a person who is having a heart attack and he's in the ER having a heart attack. At that point, it's too late to talk about fixing his diet and his exercise. So we need to be proactive with it. We need to be thinking about tax planning in the spring, in the summer. We need to be thinking about it in the late fall before the year ends and that window closes.
What’s REALLY Holding Your Painting Business Back? (Find Your Bottleneck in 5 Minutes)
