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Bookkeeping For Painters
เข้าร่วมเมื่อ 17 พ.ค. 2016
The channel's goal is to help painting contractors attain financial success by providing key guidance on bookkeeping and taxes.
For years I worked in the residential and commercial painting industry. I did everything from prep work and painting houses to managing crews and completing estimates with clients. After a couple of years, I ended up running my own painting business with 3 paint crews and 6 employees.
After my stint in the paint industry, I pursued an education in business and accounting. Now, I'm a bookkeeper and tax accountant. With my painting and accounting experience, I'm uniquely positioned to help paint contractors save time, money, and resources. I understand the painting industry and the ways to save paint contractors money and time.
I am passionate about sharing my knowledge of taxes to help small business, paint contractors grow their business and work less while doing it.
For years I worked in the residential and commercial painting industry. I did everything from prep work and painting houses to managing crews and completing estimates with clients. After a couple of years, I ended up running my own painting business with 3 paint crews and 6 employees.
After my stint in the paint industry, I pursued an education in business and accounting. Now, I'm a bookkeeper and tax accountant. With my painting and accounting experience, I'm uniquely positioned to help paint contractors save time, money, and resources. I understand the painting industry and the ways to save paint contractors money and time.
I am passionate about sharing my knowledge of taxes to help small business, paint contractors grow their business and work less while doing it.
Preparing for Tax Changes Ahead with New Administration
Unlock the secrets of navigating 2025's tax landscape with Daniel, the innovative mind behind Bookkeeping for Painters, and Richard, our insightful advising director. As we transition into a new year filled with legislative shifts, get ready to understand the ramifications of the court's back-and-forth decisions on the Corporate Transparency Act and the intriguing fate of Beneficial Ownership Information Reports. With a possible change in administration, Richard and Daniel offer their expert predictions on how these developments could shape the future of both businesses and individuals.
Anticipate the expiration of the Tax Cuts and Jobs Act and its potential impact on tax rates, with a keen look at how political shifts might influence fiscal stability. Our conversation promises to equip you with the foresight needed to navigate these uncertain times, empowering your business and personal financial planning. Prepare to explore how maintaining steady tax rates can foster growth and secure retirement investments, ensuring you're ready for whatever 2026 may bring. Don't miss this chance to stay a step ahead in the dynamic world of tax policy.
Anticipate the expiration of the Tax Cuts and Jobs Act and its potential impact on tax rates, with a keen look at how political shifts might influence fiscal stability. Our conversation promises to equip you with the foresight needed to navigate these uncertain times, empowering your business and personal financial planning. Prepare to explore how maintaining steady tax rates can foster growth and secure retirement investments, ensuring you're ready for whatever 2026 may bring. Don't miss this chance to stay a step ahead in the dynamic world of tax policy.
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Great video, thanks for the helpful info!!
Glad to help!
Yes yes yessss! Thanks dude
when painting contractors pay themselves is it still considered an owners draw?
If they are a sole proprietor or LLC disregarded, then yes. If you're taxed as an S Corp, it would be a different situation.
Thank you for the time and information shared here. We are starting a new business in a new state and I want to do things with much more focus this time.
A Texas court got a federal injunction against this nonsense. The requirement is no longer required. You can rest at ease.
Thank you for this information. Very helpful
Thank you so much for this amazing video! Just a quick off-topic question: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How can I transfer them to Binance?
No paint company does that. They use you until work slows down , no matter how hard you work, and only keep the guys who have been there for several years. I've been in a company for a year in which the long time employees are lazy. They take short cuts, like no primer, or just do nothing all day or very little while on their phone, and even get fired from a site, yet are still with the company. Another long time guy never had his own tools and always asked to use my wall brush. Another guy seemed like he was all right, until I found out he was lying to the boss about my work, that I was sloppy etc... . The boss luckily called the supervisor who said I was doing a good job. I worked for another company that put me on a job to paint about 60 industrial doors and frames. Start time was 6am and they provided no light. This is the real world.
Oh! Hey! I am only focused on off-line marketing and sales. Chanced by your channel. Already loving this. Going to be investing more time on your productions here on youtube. Regards, - Ms. Purvika Anand (already a fanboi)
Are views and subscribers low on your TH-cam channel? Ways to increase views on videos.
Gr8 info! Is there a link where I can get my hands on this rates you mentioned sir?
www.pcapainted.org/product/pca-cost-estimating-guide-vol-ii-rates-tables/
My painting service has a gross of 30k for the 1st year and im under a DBA. I have approximately 18k out in business start up. Im completely lost with doing my taxes and am afraid even with my expenses I'm going to get hit with a large tax bill.
I recommend you set aside 20% of your net profit aside for taxes. But it's always best to get with a tax professional to go through your specific situation!
What about the two year deadline to file 2021 to claim refund? It’s due Oct 15 so would it have an extension?
Awesome episode, guys! Would love to get my hands on the free mini course Mike mentioned at the end.
I'm struggling with this atm. My hit rate is around 90%, I've raised my rates to what I'm personally happy with and I'm only a one man company so overheads are really low. There is a huge demand for painters where I am but I don't want to price myself out of the market. If I'm happy with what I'm making I should be satisfied and not get too greedy yeah?
Great video, very insightful on how AI can transform content strategy. I recently discovered Myko Assistant, which is really effective for detailed searches and organizing results. Unlike some other tools, you simply send an email for comprehensive info, making it so efficient for business owners like us.
Yeah f*ck ai
Are you looking to skyrocket your TH-cam channel's visibility and engagement? Elevate your TH-cam presence! I'll optimize your channel for higher visibility, driving increased views and engagement.
Thank you, very good 😊
I watched your videos. The video quality is excellent. I've noticed that your videos aren't getting as many views as they deserve. If you implement SEO strategies for your videos, I'm confident that they will attract a lot more views. I believe your videos have the potential to rank organically and gain a wider audience.
Bots...please answer truthfully 😂😅😢
Hi sir, I saw your video. Your video content quality is very good and attractive. But i notice that your subscriber and watch time is very low. I find some problem of your video. I believe if you solve this problem, Your subscriber and watch time increasing day by day. If you want to growing your channel then I will help you.
It’s good to read biographies of successful people to analyze their character traits
Agreed!
So what is the best tax entity?
Depends on your situation. For 90% of painting businesses with net profit over $60k, S Corp is usually the best entity. But definitely consult a tax professional to make sure that makes sense for you.
Fuck outta here i will never file again, after watching the government send 200billion to other countries
☹️ Promo>SM
Nice try pal but im not paying my taxes
Hi sir, I saw your video. Your video content quality is very good and attractive. But i notice that your subscriber and watch time is very low. I find some problem of your video. I believe if you solve this problem, Your subscriber and watch time increasing day by day.
Hi sir, I saw your video. Your video content quality is very good and attractive. But i notice that your subscriber and watch time is very low. I find some problem of your video. I believe if you solve this problem, Your subscriber and watch time increasing day by day.
Great video and thanks for the info
Glad it was helpful!
I saw that your video does not have SEO That's why your video has no more views, more subscribers, and no watch time.
I found some major problems with your TH-cam channel. That's why your TH-cam channel's views, subscribers, likes, and comments are not growing well. So, You should solve these problems and then you will get targeted views, subscribers organically.
Thanks for this inspiring insightfulness… What’s a simple mathematical equation/percentage example for a bonus payout starting with your total contract price/budget hours. What does the cadence look like on paper? Is there a table break down on this bonus structure and the minimum threshold for the quality insurance bonuses. Looking towards hearing back from you and learning more. Many Thanks! Upward & Onward, Derek
Example: Total job price: $10,000 Amount Budgeted for Labor: $3500 Your painters' hourly rate: $25 Your budgeted hours: 140 ($3500/$25/hr) If you painters complete the project in 100 hours, they saved 40 hours (140 - 100). They would get a bonus of 40 x $25 = $1000. This amount would be prorated to each painter.
😂 #trash i get 250%profit #tryharder
What is your background? Experience? Name of your Business and revenue you make currently?
Hi, great question! Daniel is the founder of Bookkeeping For Painters which serves over 160 painting businesses across the US and Canada ranging from startup to $20M in revenue. He's run a painting business and an accounting business and does multi-million revenue per year.
Very good info guys, thank you 😊
Glad it was helpful!
Can you deduct lunch meetings you have with your employees? In full or partly if at all? Also is there a limit on these types of deductions including the board of director meeting and travel expenses?
Yes, you can deduct 50% of your meals with employees, assuming you are having a business discussion with them. Additionally, you can deduct 100% if you are providing employees food for their benefit (think: holiday party). There is no limit. However if you have excessive amounts of these types of deductions, this may raise questions with the IRS. So make sure you keep records!
I started being self employed during the 3rd quarter. How do I avoid a penalty for not paying the first two quarters?
You shouldn't have to pay penalties for the time you weren't in business. Just ensure you make the Jan 15th deadline for estimated tax payments. You may not even be required to submit an estimated tax payment if you didn't owe any tax on your last tax return.
This is great stuff! developing job descriptions and comp models even more for the new year because of your advice
Awesome. Glad this was helpful! All the best in your end of year planning!
I love paint Scout. We've won bids because of paint scout and have been given tons of compliments
How often? Is this annually? So after the first year we’re going to report within 30 days of the 1st of the year? Or within 30 days of the anniversary of the first report?
Great video, you guys forgot to mention IRS registered tax-exempt nonprofits are exempt.
Good point!
Appreciate the discussion about this. Thanks for posting.
Absolutely! Glad it was helpful!
Thanks for having us on!
Nah ill take the money instead of dealing with office people for lunch.
Great conversation and info guys!!
Thank you! Glad it was helpful.
POWERFUL… BUT SURPRISINGLY STRANGE ON HOW MANY PEOPLE DON’T KNOW THEIR NUMBERS. IT’S MORE TO IT THEN JUST SLINGING A BRUSH ESPECIALLY IF YOU WANT BETTER OPTIONS AND EXPERIENCE TRUE GROWTH TO THE FULLEST. HAPPY WEEK, AND REMEMBER YOU’VE GOT THIS!
🤔 *Promo SM*
Really informative, keep up the good work. There are so many small business owners that don't understand the actual business, accounting aspect of their business. A great number don't make it because of that. Thanks for addressing some of this.
Thank you Catherine! I'm glad to hear this is helpful!