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Send us Fan Mail What are the 4 hires that build a $10M painting business without building yourself a bigger job? In this episode, I break down the four leadership seats I build toward: sales, marketing, operations, and finance. I explain why owners between about $1.5M and $4M end up managing everyone themselves, then walk through an example base pay and bonus plan for a sales manager, marketing manager, operations manager, and controller. I show how to tie each bonus to results so goals aren't hit by cutting prices or rushing jobs, add up what the full team costs at $10M in revenue, and explain why CEO pay and ownership profit are two different paychecks. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. WANT ME TO LOOK AT YOUR NUMBERS? Join 600+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here → profitablepaintercpa.com/vsl FREE BOOK FOR PAINTING CONTRACTORS FREE! Just cover shipping. Get your copy here → profitablepaintercpa.com/book Prefer video? Watch this episode on YouTube 📌 What We Discuss: 00:00 4 hires to stop managing everyone 01:31 Pay plan: leaders, CEO pay, and net profit 02:34 Hire 1: Sales manager 03:42 Hire 2: Marketing manager 04:41 Hire 3: Operations manager 05:45 Hire 4: Controller 06:33 What the leadership team costs 08:16 CEO pay vs. ownership profit About us - Profitable Painter CPA: We helping painting business owners understand their numbers, reduce taxes, and build sustainable wealth. Check us out → profitablepaintercpa.com 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

Send us Fan Mail Going from $500K to $1.5M usually means going from referrals to paid leads. Those leads are colder, cost more, and are harder to close.  New episode with Brandon Pierpont from Painter Marketing Pros: Stage 2 of growing a painting business. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. WANT ME TO LOOK AT YOUR NUMBERS? Join 600+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here → profitablepaintercpa.com/vsl FREE BOOK FOR PAINTING CONTRACTORS FREE! Just cover shipping. Get your copy here → profitablepaintercpa.com/book Prefer video? Watch this episode on YouTube 📌 What We Discuss: 0:00 - What changes between $500K and $1.5M 1:23 - Build a financial plan for your next hires 2:58 - Don't skip estimated tax payments 3:37 - Moving from inbound to outbound marketing 6:06 - Why cold leads need a tighter sales process 9:12 - Why 50% gross profit may not be enough 10:07 - Meta ads and Google Local Service Ads 12:00 - The pay-per-lead trap (Angi, Thumbtack) 14:19 - Hold off on Google pay-per-click 15:37 - Gross profit vs. cost to win a customer 18:43 - Add one outbound channel at a time 20:46 - Get your cash flow ready to scale 24:51 - First key hires: admin and project manager 27:33 - Build marketing assets: website and SEO 30:45 - How one painter grew to $4M on SEO 32:40 - Optimize your Google Business Profile 34:22 - ChatGPT, AI search, and painting companies 37:32 - Recap About us - Profitable Painter CPA: We helping painting business owners understand their numbers, reduce taxes, and build sustainable wealth. Check us out → profitablepaintercpa.com 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 For being a loyal listener, I want to send you a copy of my new book Profitable Painter. Inside, I’ll show you the exact frameworks that have helped painting businesses save big on taxes, increase profits, and scale with confidence Head over to profitablepaintercpa.com/book and grab your copy today. Don’t wait — this is my gift to you for being part of the Profitable Painter community.

Send us Fan Mail After my first year running a painting business, I was worse off than when I started. Over the last 10 years, I’ve worked with more than 600 painting businesses, and I keep seeing owners make the same mistakes I made. In this episode, I share 7 lessons I’d want you to know before you spend another year growing, from pricing and taxes to hiring, cash flow, and building your team. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. WANT ME TO LOOK AT YOUR NUMBERS? Join 600+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here → profitablepaintercpa.com/vsl FREE BOOK FOR PAINTING CONTRACTORS FREE! Just cover shipping. Get your copy here → profitablepaintercpa.com/book Prefer video? Watch this episode on YouTube 📌 What We Discuss: 00:00 Seven Lessons for Building a More Profitable Painting Business 00:48 Pricing Labor and Materials for 50% Gross Profit 03:39 Keeping Up With Taxes, Payroll, and Records 05:16 Making Sure You Can Afford Your Next Hire 07:15 Hiring and Paying Salespeople Based on Profitable Work 08:48 Managing Cash Flow and Getting Paid on Time 10:37 Building a Two-Month Cash Reserve 11:10 Measuring Gross Profit Against Customer Acquisition Costs 13:02 Knowing When to Increase or Cut Marketing Spend 14:09 Building a Team That Can Take Ownership 16:13 Budgeting for Recruiting and Finding Better Employees 17:38 Planning Taxes Before the Year Ends 19:04 When to Consider an S Corp Election About us - Profitable Painter CPA: We helping painting business owners understand their numbers, reduce taxes, and build sustainable wealth. Check us out → profitablepaintercpa.com 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

Send us Fan Mail Learn how I would scale a $10M painting business if I had to start over. It starts with profitable jobs, enough cash, and a customer acquisition cost that supports growth before you hire. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. WANT ME TO LOOK AT YOUR NUMBERS? Join 600+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here → profitablepaintercpa.com/vsl FREE BOOK FOR PAINTING CONTRACTORS FREE! Just cover shipping. Get your copy here → profitablepaintercpa.com/book Prefer video? Watch this episode on YouTube 📌 What We Discuss: 00:00 How I Would Scale a $10M Painting Business 01:13 Getting Your Books and Taxes Right 01:46 Paying Employees vs Subcontractors 02:48 Pricing for a 50% Gross Profit Margin 03:58 Markup vs Margin and Pricing Materials 05:37 Checking Job Costs Every Week 07:20 When an S Corp Election Makes Sense 08:08 Building a Cash Buffer Before You Hire 10:41 Paying Yourself With Discretionary Earnings 13:37 Making Customer Acquisition Profitable 15:02 Using Your Close Rate to Raise Prices 17:28 How One Client Went From $2 to $4 of Gross Profit 18:25 Hiring Managers Who Take Ownership 20:20 Budgeting for a Production Director 21:49 Making the Business Less Dependent on You 23:45 What It Takes to Reach $10M About us - Profitable Painter CPA: We helping painting business owners understand their numbers, reduce taxes, and build sustainable wealth. Check us out → profitablepaintercpa.com 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 For being a loyal listener, I want to send you a copy of my new book Profitable Painter. Inside, I’ll show you the exact frameworks that have helped painting businesses save big on taxes, increase profits, and scale with confidence Head over to profitablepaintercpa.com/book and grab your copy today. Don’t wait — this is my gift to you for being part of the Profitable Painter community.

Send us Fan Mail Learn how to apply Alex Hormozi’s growth strategies to a painting business by evaluating gross profit, customer acquisition costs, and service profitability before scaling. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. WANT ME TO LOOK AT YOUR NUMBERS? Join 600+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here → profitablepaintercpa.com/vsl FREE BOOK FOR PAINTING CONTRACTORS FREE! Just cover shipping. Get your copy here → profitablepaintercpa.com/book Prefer video? Watch this episode on YouTube 📌 What We Discuss: 00:00 Alex Hormozi’s Growth Advice for Contractors 01:04 Measuring Marketing Returns and GP-to-CAC Ratios 02:54 Finding Opportunities in Specialized Services 03:38 Using Job Costing to Identify Profitable Services 05:15 Evaluating Smaller Jobs and Customer Acquisition Costs 06:30 Scaling Door-to-Door Sales 07:09 Calculating Sales Commissions and Gross Profit Margins 08:47 Increasing Customer Lifetime Value and Repeat Business 09:50 Reactivating Past Customers and Generating Repeat Revenue 10:59 Building Recurring Revenue With Maintenance Plans 12:21 Increasing Ticket Size and Repair Volume 13:09 Charging More for Faster Service and Priority Scheduling 14:31 Specializing Your Offer and Scaling Salespeople 15:43 Building a Repeatable Sales Process Before Hiring About us - Profitable Painter CPA: We helping painting business owners understand their numbers, reduce taxes, and build sustainable wealth. Check us out → profitablepaintercpa.com 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

Send us Fan Mail If I had to grow a painting business to $500K from scratch today, here's what I'd do. Brandon Pierpont from Painter Marketing Pros and I walk through the money side and the marketing side of that first stage. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. WANT ME TO LOOK AT YOUR NUMBERS? Join 600+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here → profitablepaintercpa.com/vsl FREE BOOK FOR PAINTING CONTRACTORS FREE! Just cover shipping. Get your copy here → profitablepaintercpa.com/book Prefer video? Watch this episode on YouTube 📌 What We Discuss: 0:00 - If I Started a Painting Business Today 1:25 - The Marketing You Should Always Be Doing 4:25 - Fix Your Sales Process Before You Chase More Leads 8:28 - Production Rates: How Long Each Surface Takes to Paint 10:17 - Marking Up Labor and Materials 11:56 - Checking Your Job Numbers Every Week + Pricing for Risk 16:00 - Where to Get Leads When You're Starting Out 20:54 - When It Makes Sense to Pay for Leads 22:35 - Why the Same Lead Is Worth More to Some Painters 24:07 - Staying Compliant + Two Months of Cash in the Bank 26:20 - How Much You Should Be Paying Yourself 27:47 - What We'd Do Differently Starting Over 31:00 - The Numbers to Hit Before You Scale About us - Profitable Painter CPA: We helping painting business owners understand their numbers, reduce taxes, and build sustainable wealth. Check us out → profitablepaintercpa.com 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 For being a loyal listener, I want to send you a copy of my new book Profitable Painter. Inside, I’ll show you the exact frameworks that have helped painting businesses save big on taxes, increase profits, and scale with confidence Head over to profitablepaintercpa.com/book and grab your copy today. Don’t wait — this is my gift to you for being part of the Profitable Painter community.

Send us Fan Mail Want to raise your painting prices but worried you'll lose money if you lose a few jobs? In this episode, I break down how to raise painting prices without losing money. We test an increase that adds more dollars to the average job, see what it does to your close rate, and find how many jobs you can afford to lose before it stops paying off. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS FREE! Just cover shipping. Get your copy here → profitablepaintercpa.com/book WANT ME TO LOOK AT YOUR NUMBERS? Join 600+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here → profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube 📌 What We Discuss: 0:00 - Raise Prices Without Making Less Money 0:46 - What a High Close Rate Is Telling You 1:17 - The Close Rate Target for Residential Repaints 1:41 - Check Your Sales Process Before You Raise Prices 2:42 - Testing a 10% Price Increase 4:25 - Was the Price Increase Worth It? 5:12 - The Minimum Close Rate You Can Afford 5:58 - 5 Steps to Raise Your Prices About us - Profitable Painter CPA: We helping painting business owners understand their numbers, reduce taxes, and build sustainable wealth. Check us out → profitablepaintercpa.com 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

Send us Fan Mail Learn the 4 stages of a Painting Business, from startup to $3M+, and the financial tests to pass before scaling, hiring, increasing marketing spend, or building a company that can run without you. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS Free, just cover shipping. Get your copy here: profitablepaintercpa.com/book WANT DANIEL TO LOOK AT YOUR NUMBERS? Join 529+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here: profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube What We Discuss: 00:00 Why revenue growth doesn't always mean profitability 00:36 The 4 stages of a painting business 01:02 Startup: Proving your business model 01:46 Markup and gross profit targets 02:41 Job costing and building a cash buffer 04:00 Build stage: Managing cash flow as you grow 05:16 Hiring an admin or project manager 06:14 GP to CAC: Measuring marketing profitability 08:19 The $1M–$3M stage: Strengthening profitability 09:54 Sales compensation and improving gross profit 11:12 The $3M+ stage: Building a business that runs without you Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com 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

Send us Fan Mail When does growth pay off in a Painting Business? Daniel Honan, CPA, and Cody Hall break down the 4 stages of a painting business and what to focus on with your money at each one. In the startup stage ($0–$350K), pricing with production rates and a 50% gross profit target on residential repaints is what gets you to the next level, along with staying compliant on taxes and knowing when to consider an S corp. In the build stage ($350K–$1M), they cover hiring your first admin and production manager, what to pay each one, and when to start tax planning and getting help with your numbers. In the swamp ($1M–$3M), they get into how to pay a salesperson and why you need to track the GP to CAC ratio by marketing channel, and Daniel shares client data on profit at each stage. In the sellable asset stage ($3M+), they talk about removing key man risk, knowing what your business is worth, diversifying your net worth, and setting up a revocable living trust. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS Free, just cover shipping. Get your copy here: profitablepaintercpa.com/book WANT DANIEL TO LOOK AT YOUR NUMBERS? Join 529+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here: profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube What We Discuss: 01:35 The 4 stages of a Painting Business 03:11 Startup ($0–$350K): Daniel's first year 06:57 Production rate estimating 08:00 Markup: pricing for 50% gross profit 10:00 Staying compliant and the S corp election 11:35 Build ($350K–$1M): hiring an admin 13:34 Hiring and paying a production manager 16:34 Tax planning and help with your numbers 20:52 The swamp ($1M–$3M) 22:49 Profit by stage from our client data 25:33 Paying a salesperson 26:00 Gross profit and the GP to CAC ratio 29:52 Sellable asset ($3M+) and key man risk 32:45 Business value and diversifying 35:57 Estate planning: revocable living trusts Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com 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 For being a loyal listener, I want to send you a copy of my new book Profitable Painter. Inside, I’ll show you the exact frameworks that have helped painting businesses save big on taxes, increase profits, and scale with confidence Head over to profitablepaintercpa.com/book and grab your copy today. Don’t wait — this is my gift to you for being part of the Profitable Painter community.

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, why you can pay every quarterly estimate and still owe in April, and the difference between tax planning and tax preparation. Daniel also explains when buying a truck in December can cut your taxes and what happens if you sell it in January, how to hire your kids for real, documented work (including through a sole proprietorship and a Roth IRA), and when it makes sense to put your spouse on payroll. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS Free, just cover shipping. Get your copy here: profitablepaintercpa.com/book WANT DANIEL TO LOOK AT YOUR NUMBERS? Join 529+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here: profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube What We Discuss: 01:40 What painting business owners get wrong about taxes 02:37 When to switch to an S corp 03:07 What an S corp costs you first 08:13 Prove your profit before you switch 10:09 Staying an LLC: self-employment tax and audits 12:31 What's a reasonable S corp salary? 14:45 Setting your salary from the roles you do 17:08 Paid quarterly and still owe? 19:05 Due dates, 1040 vouchers, and IRS2Go 22:11 Tax projections and tax planning 24:05 Buying a truck in December 26:03 Selling it in January: depreciation recapture 27:59 Hiring your kids in your painting business 32:08 Paying your kids through a sole proprietorship 34:37 Should you put your spouse on payroll? Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com 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 For being a loyal listener, I want to send you a copy of my new book Profitable Painter. Inside, I’ll show you the exact frameworks that have helped painting businesses save big on taxes, increase profits, and scale with confidence Head over to profitablepaintercpa.com/book and grab your copy today. Don’t wait — this is my gift to you for being part of the Profitable Painter community.

Send us Fan Mail Why is there never money left in your painting business? Daniel Honan, CPA, breaks down the Profit First system from Mike Michalowicz's book: every time your company gets paid, you split the money between profit, taxes, and operating expenses using percentages set in advance, instead of hoping something is left at the end of the month. He walks through why expenses tend to grow until they use everything available, the four bank accounts to open (revenue, profit, tax, and operating), how to set starting percentages from your last 12 months of numbers, and why jumping straight to a big profit percentage can empty your operating account. He also covers what to do when the operating account can't cover the bills, how to tell a timing problem from a profitability problem, a simple weekly allocation routine, rules for your profit account, and why this system manages cash but doesn't replace bookkeeping. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS Free, just cover shipping. Get your copy here: profitablepaintercpa.com/book WANT DANIEL TO LOOK AT YOUR NUMBERS? Join 529+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here: profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube What We Discuss: 00:00 Profit First for painting businesses 00:59 Why one bank account causes problems 01:36 The 4 bank accounts to open 03:17 Setting your allocation percentages 04:38 When operating cash can't cover the bills 05:16 Your weekly allocation process 05:42 Rules for your profit account 06:07 Profit First doesn't replace bookkeeping Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com 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

Send us Fan Mail How should a Painting Business pay its Key Hires? Daniel Honan, CPA, and Cody Hall break down what a $25-an-hour painter really costs, why the admin usually comes first at 2 to 4% of revenue, and how to pay a production manager 4 to 7% of revenue with a two-thirds base and a monthly bonus tied to production, gross profit, and five-star reviews. They cover hunter and farmer salespeople and a commission split that stops discounting, why the $1M to $3M stage is the least profitable as a percentage of revenue, and why a second location usually doubles your overhead. Daniel also explains the vehicle cost check for how far you drive, which receipts the IRS looks at closely, and how a revocable living trust protects your family and your privacy. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS Free, just cover shipping. Get your copy here: profitablepaintercpa.com/book WANT DANIEL TO LOOK AT YOUR NUMBERS? Join 529+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here: profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube What We Discuss: 00:00 Why growing a painting business is expensive 03:02 Key hires and the 4 stages of a painting business 03:39 What a $25/hour painter really costs you 04:52 Why the admin usually comes first 07:08 How to pay a production manager 10:53 $65K base + $35K bonus, paid monthly 12:52 Bonusing on gross profit and 5-star reviews 15:36 How to get more Google reviews 17:38 Hunter or farmer: which salesperson you need 20:47 Paying sales without rewarding discounts 22:47 When to open a second location 27:51 How far to drive for jobs: the vehicle cost check 29:56 Company cards, fuel, and internal controls 33:23 Do you need a receipt for everything? 37:00 Succession plans and revocable living trusts 43:49 "Why am I even running this business?" Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com 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 For being a loyal listener, I want to send you a copy of my new book Profitable Painter. Inside, I’ll show you the exact frameworks that have helped painting businesses save big on taxes, increase profits, and scale with confidence Head over to profitablepaintercpa.com/book and grab your copy today. Don’t wait — this is my gift to you for being part of the Profitable Painter community.

Send us Fan Mail Can you deduct Health Insurance in your Painting Business? Daniel Honan, CPA, breaks down three ways painting business owners may be able to save on taxes with health insurance. He starts with the self-employed health insurance deduction, who qualifies, and why eligibility matters more than simply turning down a spouse's plan. He then covers the special rule for S-corp owners with more than 2%, where the company pays or reimburses the premiums and reports them on the owner's W-2, plus the payroll mistake that surfaces after the last payroll of the year. Finally, he explains how an HSA paired with an eligible plan can give you a deduction, tax-deferred growth, and tax-free qualified medical withdrawals, and what to compare before choosing a plan. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS Free, just cover shipping. Get your copy here: profitablepaintercpa.com/book WANT DANIEL TO LOOK AT YOUR NUMBERS? Join 529+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here: profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube What We Discuss: 00:00 3 ways to save on taxes with health insurance 00:49 Health insurance mistakes painters make 01:10 Level 1: the self-employed health insurance deduction 02:37 Level 2: S-corp health insurance for owners 03:17 The S-corp payroll mistake to avoid 03:47 Level 3: the HSA and its three tax benefits 05:40 Quick summary Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com 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

Send us Fan Mail How do you know if your Painting Business is actually profitable? Daniel Honan, CPA, and Cody Hall, who runs business development at Profitable Painter CPA, break down the numbers that answer it. They start with the ratio Daniel calls the key number for how your business is doing and the 3-to-1 bare minimum behind it, then move to job costing, why a job bid at 50% gross profit comes in at 35%, and the markup fix. From there they cover the close rate that signals you have room to raise prices, how often to check it, how a $15M painting company times its price increases, and the rule of three. They close with what a P&L actually shows, why it can report $35,000 in profit you never see in the bank, why clean books matter to banks and buyers, and what to do if you're years behind on your taxes. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS Free, just cover shipping. Get your copy here: profitablepaintercpa.com/book WANT DANIEL TO LOOK AT YOUR NUMBERS? Join 529+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here: profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube What We Discuss: 00:00 Why your profit never matches your bank account 03:00 The key number for how your business is doing 06:07 Job costing: is each job profitable? 07:50 Why jobs never hit the gross profit you bid 10:13 "I'm already the most expensive painter" 12:29 How often to check your close rate 14:02 How a $15M painter decides when to raise prices 18:41 What a P&L shows and how often to read it 21:46 $35K profit on paper, not in the bank 26:14 Why clean books matter to banks and buyers 28:23 Taking cash off the books, and catching up on taxes Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com 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 For being a loyal listener, I want to send you a copy of my new book Profitable Painter. Inside, I’ll show you the exact frameworks that have helped painting businesses save big on taxes, increase profits, and scale with confidence Head over to profitablepaintercpa.com/book and grab your copy today. Don’t wait — this is my gift to you for being part of the Profitable Painter community.

Send us Fan Mail Should your painting business rent or own its building? Daniel Honan, CPA, breaks down the self-rental tax strategy: a separate real estate LLC buys the building, your painting company pays it the rent, and the check you already write every month builds your equity instead of somebody else's mortgage. He walks through how an SBA 504 loan can put you in a $2 million building for about $200,000 down, how a cost segregation study pulls depreciation into the early years instead of spreading it over 39 years, and why that big first-year deduction can get stuck as a passive loss while you still pay tax on the painting income. Then he explains the "dash four" grouping rule that may let the two companies be treated as one activity, why an 80/20 ownership split changes the answer, and why to plan the exit before you buy, not next April. This one is for painting business owners who are profitable, paying meaningful tax, and already need a warehouse or office. Know Your Numbers & Save Big in Taxes, Daniel Honan, CPA Every episode is made for painting business owners. Follow the show so the next one downloads automatically. FREE BOOK FOR PAINTING CONTRACTORS Know your numbers before you take on a building. Get your copy here: profitablepaintercpa.com/book WANT DANIEL TO LOOK AT YOUR NUMBERS? Join 529+ painting contractors who know exactly where their money goes, keep more of what they earn, and scale without tax surprises. Book a free Profit Checkup here: profitablepaintercpa.com/vsl Prefer video? Watch this episode on YouTube What We Discuss: 00:00 Should your painting business own its building? 01:11 Set up a separate real estate LLC 01:50 Financing with an SBA 504 loan 02:43 Cost segregation and depreciation 03:36 The passive loss problem 04:21 The dash four grouping rule 05:11 Ownership rules and the exit Profitable Painter CPA – accounting and financial strategy for painting contractors. Visit us profitablepaintercpa.com 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