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

Painting Business Owners: What moves are you considering when tax planning?

Name: Painting Business Owners: What moves are you considering when tax planning?
Uploaded: 2024-04-18T12:45:04+00:00
Duration: 5 s
Channel: Daniel Honan
Description: This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is a YouTube video titled "Painting Business Owners…

18 Apr 2024 · 0 min

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This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is a YouTube video titled "Painting Business Owners: What moves are you considering when tax planning?" containing a short transcript of a conversation between two speakers (SPEAKER A and SPEAKER B) recorded on 2024-04-18. The exchange offers tax-planning advice for painting business owners, emphasizing that planning should start before year-end and suggesting moves like changing tax entities or establishing retirement programs to reduce next spring's tax liability.

What moves do I need to make now so that my tax liability is less next spring?
Absolutely. Yeah. You can't wait until March or April to start worrying about the taxes. I mean, you can worry about them, but it's not going to do anything. You're just still owe a bunch of money. So you definitely got to start the year prior and start looking at, okay, what can I do? What moves can I make? Do I need to change tax entities? Do I need to start a retirement program? Whatever the case may be, those moves need to happen in most cases before the end of the year.