189. Avoiding Tax Shock With Josh Hallam and Sam Falanga

Professional Builders Secrets brings you an insightful episode with Josh Hallam and Sam Falanga from Falanga & Co. In this episode, the duo delves into the often-overlooked but critical area of tax planning for builders. With candid stories and practical advice, Josh and Sam explain how poor financial planning can lead to "tax shock" and offer real solutions to prevent it.This episode is sponsored by Apparatus Contractor Services, click the link below to learn more:hubs.ly/Q02mNSsG0INSIDE EPISODE 189 YOU WILL DISCOVER Why many builders fall into "tax shock" The importance of cash flow management How to forecast and plan for monthly, quarterly, and annual tax obligations What to look for in a trusted accounting partner Why relying solely on your bank balance is a mistakeABOUT SAMUEL FALANGADriven by a strong desire to help people build successful businesses, Sam established his own practice in 2011. Since founding Falanga & Co, Sam has built a highly capable team of business coaches, and has established the firm’s reputation as a trusted and effective partner for success across multiple industries.Connect with Sam: linkedin.com/in/samuel-falanga-7939a265/ABOUT JOSH HALLAMBringing over a decade of senior executive experience to Falanga & Co, Josh is responsible for overseeing all aspects of the firm’s operations. From the development and implementation of strategic plans, to ensuring the firm is meeting its financial and operational objectives, Josh plays a pivotal role in the strategic direction of the firm.Connect with Josh: linkedin.com/in/josh-hallam-6904711b/TIMELINE 2:36 Why builders leave tax planning too late 6:53 The case for monthly lodgements over quarterly surprises 12:02 How one builder lost $270K by not managing accounts receivable 16:23 The role of your accountant as a business partner 25:20 Why your bank balance isn’t a measure of success 29:07 The importance of charging for every variationLINKS, RESOURCES & MOREAPB Website: associationofprofessionalbuilders.comAPB Rewards: associationofprofessionalbuilders.com/rewards/APB on Instagram: instagram.com/apbbuilders/APB on Facebook: facebook.com/associationofprofessionalbuildersAPB on YouTube: youtube.com/c/associationofprofessionalbuilders