Helping a $1.5M Painting Business Save Big in Tax

Send us Fan MailWe lay out practical tax strategies for an S-corp painting company, focusing on simple systems that capture real deductions without playing games. We compare low-risk moves like an accountable plan to higher-scrutiny tactics like hiring teenagers, then zoom out to retirement plans and dealing with a painful tax bill. • setting up an accountable plan to reimburse owners and employees tax-free • tracking mileage properly and reimbursing at the IRS rate • separating personal vehicles from company vehicles for clean deductions and depreciation • handling a shop on personal property using home office rules and square footage allocation • hiring teenagers for legitimate marketing work with time logs and market wages • avoiding unnecessary payroll taxes by paying kids through a sole proprietorship structure • using a Roth IRA to turn teen wages into long-term tax-free growth • choosing between 401(k) options and understanding a mega backdoor Roth • considering an IRS installment plan when cash flow is tight This episode was originally recorded as a video for YouTube.If you hear me say things like “in this video” or reference visuals, don’t worry — the content still works perfectly in audio form.And if you ever want to watch the video version, you can find it on the Profitable Painter YouTube channel.https://www.youtube.com/@BookkeepingForPainters