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

Painting Business Owners: Optimize Your Payroll & Save on Taxes Before Year-End! #SmallBusinessTax

Name: Painting Business Owners: Optimize Your Payroll & Save on Taxes Before Year-End! #SmallBusinessTax
Uploaded: 2024-12-10T17:15:01+00:00
Duration: 38 s
Channel: Daniel Honan
Description: S-corp painting business owners pay roughly $150 in payroll taxes per $1,000 of salary. Set your salary to the legal minimum and adjust it yearly to…

10 Dec 2024 · 1 min

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S-corp painting business owners pay roughly $150 in payroll taxes per $1,000 of salary. Set your salary to the legal minimum and adjust it yearly to avoid overpaying taxes. A payroll review before year-end can save you thousands.

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If you already have your S corp established, how is your payroll? Are you paying yourself too little or are you paying yourself, worse yet, too much? Remember, every $1,000 of payroll is $150 of payroll taxes. So let's optimize your salary, make sure that you're paying yourself only the amount that you absolutely need to, and then you can make those adjustments as you go into 2025 paying yourself the exact right amount. I do this with my clients once a year. We do a new payroll recommendation and we dial it in. People are saving several thousand dollars every year in payroll taxes that they don't need to pay.