The Tax Mistakes Painting Business Owners Keep Making (AVOID THEM)
Send us Fan Mail Here are the tax mistakes Painting Business owners keep making. Daniel Honan, CPA, and Cody Hall break down when switching to an S corp starts to make sense, the costs that come with it (filing Form 2553, running payroll for yourself, an extra tax return, and solid bookkeeping), and why staying an LLC means paying an extra 15.3% in self-employment tax on your profit. They cover how the IRS judges a reasonable S corp salary and how to set yours from the roles you actually do, ...