Painting business owners making $40K+ in profit are often overpaying taxes by thousands. You can keep your LLC and file an S-corp election with the IRS to cut your tax bill in half. The speaker saw cases where $150K revenue businesses were paying double what they should.
Are you a small painting business owner that is getting hammered with taxes? In the past month alone, I've encountered several painting businesses making between $80K and $150K in revenue and bottom line profit of $40K, yet they're getting hammered with taxes, paying up to twice as much as they could be. If you're a painting business owner with $40,000 or more in profit, you should consider electing to be taxed as an S corporation. Electing to be taxed as an S corporation can save you thousands of dollars. Now, if this is you, definitely look into getting switched over to being taxed as an S corporation. So you can keep your current LLC, if you have an LLC, you can keep that entity set up. It's just an election that you make with the IRS. But bottom line, this is the number one tax planning thing that you can do that can save you thousands of dollars if you're a smaller painting business owner that is making over $40K per year.
What’s REALLY Holding Your Painting Business Back? (Find Your Bottleneck in 5 Minutes)
