Are you running a small business and want to avoid hefty fines or, even worse, jail time? Tune in to the latest episode of the Profitable Home Services Podcast, where I am diving into the brand new Corporate Transparency Act. Starting January 1st, 2024, this law will shake up the reporting requirements for corporations and LLCs, and you need to be ready. I will guide you through what you need to know to stay on the right side of the law and keep your business thriving. Some of the things you will learn are:

• What is the new Corporate Transparency Act (CTA)

• How does it affect small business owners?

• Find out the specific reporting requirements for your business entity (LLC vs SCorp etc)

• Know the details required for reporting so that you can have them ready

• Learn where and how to file Corporate Transparency Act reports

• Ensure you know the timeframe you have to file within

• Understand the penalties for non-compliance so you can avoid costly fines and legal issues

• Stay informed so you can safeguard your business against future regulatory changes.

NOTE - At the time that this episode is live, this is still ongoing, and is being challenged in the court systems so expect further updates once we hear more.

Listen to all episodes at https://homeservicespodcast.com

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Are you letting fear dictate your business success? Your mindset can be the critical shift for growth. I chatted with Dave Negre about the power of mindset, the art of viewing your team as your greatest asset, and the secrets to mastering your finances for strategic growth. Plus, we'll tackle the essentials of continuous learning, targeting the right clients, and ensuring your employees are rewarded fairly. Don't miss Dave's insights from "Contractor Secret Weapon" and "Thriving Christian Business." This episode isn't just a conversation; it's a turning point for your business.

• Discover how fear can negatively affect your business's bottom line (and how to fix it!)

• Strategies to conquer fear and unlock the potential grow your business

• Mentally transitioning from tradesperson to business owner - Why you NEED to do this

• Explore the crucial role of mindset and language in driving business growth.

• Viewing your employees as assets instead of liabilities

• Understanding financial data to make strategic business decisions.

• Embrace lifelong learning and targeting the right customers for your business.

Listen to all episodes at https://profitablehomeservices.com/

Connect with Dave at https://www.elitehomesvs.com

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

In this episode you will hear from Chris Crew from the Blue Collar Success Group as he and I discuss the intricacies of profit and cash flow in home service businesses. Chris, with his extensive background in the industry, shared insights on the dangers of "top line intoxication," the significance of understanding profit margins, and the importance of managing labor costs and customer experience. All these things can prevent profit leaks. We also touched on the role of technology in enhancing efficiency and profitability in blue-collar jobs.

You won't want to miss any of these tips such as:

• What are profit and cash flow leaks in home service businesses?

• The difference between profits and cash flow

• The risks of operating a business without a clear understanding of cash flow and profit margins

• Tips for managing the challenges and cost of labor expenses

• What it means to fully burden the cost of employees and tracking labor expenses effectively

• How to get your customers to help you identify profit leaks and stop them

• Power of small improvements in many areas of your business and their effect on your profits

• How technology is helping blue-collar jobs with big potential to increase revenues and profits

• Why maintenance on your service vehicles can impact your profits

Listen to all episodes at https://profitablehomeservices.com/

Connect with Chris at https://thebluecollarcoach.com

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Did you know that proactive tax planning can help home service business owners save a substantial amount of money? While simple strategies like buying equipment might seem appealing, the real trick lies in exploring deeper tax-saving strategies. Just to put this into perspective, I have helped my clients save over $13 million in income taxes through effective tax planning.

Remember, it's not just about how much you earn, but how much you keep. Dive into this episode where you'll learn:

• The difference between overpaying taxes and paying the legal amount and how that impacts you

• Exploring retirement plans like SEP IRA, Simple IRA, and 401k.

• Implementing the Augusta rule for tax-free rental income from your home.

• Writing off medical costs through a business.

• Considering the right business entity choice for liability protection and tax savings.

• Strategies to reduce capital gains through 1031 exchanges and other programs.

• How to find a proactive accountant that will be in your corner saving you money

Listen to all episodes at https://homeservicespodcast.com

Did you know that proactive tax planning can help home service business owners save a substantial amount of money? While simple strategies like buying equipment might seem appealing, the real trick lies in exploring deeper tax-saving strategies. Just to put this into perspective, I have helped my clients save over $13 million in income taxes through effective tax planning. Remember, it's not just about how much you earn, but how much you keep. Dive into this episode where you'll learn:

• The difference between overpaying taxes and paying the legal amount and how that impacts you

• Exploring retirement plans like SEP IRA, Simple IRA, and 401k.

• Implementing the Augusta rule for tax-free rental income from your home.

• Writing off medical costs through a business.

• Considering the right business entity choice for liability protection and tax savings.

• Strategies to reduce capital gains through 1031 exchanges and other programs.

• How to find a proactive accountant that will be in your corner saving you money

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

On this episode of the Porfitable Home Business Podcast, I want to delve into a topic that is often overlooked but is crucial for the financial health of your business - tax planning. I've seen many home service business owners make common mistakes that lead to cash flow leaks, especially in relation to income tax. So, let's dive in and explore how you can minimize your tax legally and save your hard-earned money.

In this episode, I shared:

• Importance of tax planning for home service business owners

• Common mistakes that lead to cash flow leaks in income tax

• Need for proactive tax planning to minimize tax owed

• Accountants focusing on simple strategies rather than deeper tax-saving strategies

• Saving clients over $13 million in income taxes through effective tax planning

• Accountants primarily focusing on preparing tax returns during tax season

• Overview of how total income is calculated for an income tax return

• Difference between deductions and credits

• Various tax brackets and additional taxes for certain business entities

• Four ways to save or cut taxes: timing, shifting, deductions, and tax-favorable products

• Mistake of audit paranoia and overlooking legitimate expenses

• Operating a business within the wrong entity type resulting in overpaid taxes

• Reviewing past income tax returns to identify missed opportunities and potentially amend them

• Avoiding overpaying taxes and leaving the IRS a big tip

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Ever pondered on the unconventional accounting formula: sales - profit = expenses? As a host of a podcast that seeks to empower businesses, I recently dove into the Profit First principles and how flipping traditional accounting on its head will prioritize profit.

In this episode, I shared:

• Introduction to Profit First principles

• Importance of intentional profit in businesses

• Use of a multi-account bank system for effective financial management

• Setting aside money for taxes, emergency funds, future growth, and other expenses

• Personal examples of how Profit First has helped achieve financial health

• Mention of the Profit Implementer program for guidance on implementing Profit First

• Flipping the traditional accounting formula to prioritize profit

• Importance of protecting profit through a multi-account bank system

• Setting up a regular transfer schedule for allocating funds to different accounts

• Starting small and gradually increasing percentages over time when implementing Profit First

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

I'm excited to share insights from a recent episode of the Profitable Home Services Podcast where I had the pleasure of hosting Jeremy Lowe from Profit Rhino and Service Fusion. With over 40 years of experience in the industry, Jeremy has a wealth of knowledge to share. We explored the vital role of financial education for business owners. A surprising number of students struggle to calculate profit margins correctly, emphasizing the need for entrepreneurs to take control of their finances

In this episode, we discussed:

• Jeremy's love for photography and the importance of paying attention to opportunities

• Discussion on flat rate pricing and its benefits

• Importance of understanding the financial side of running a home service trade business

• Misconception that sales are the lifeblood of a business, emphasizing profit and cash flow as key drivers of success

• Fear and discomfort business owners have when it comes to understanding their numbers

• Importance of education and training for contractors in the home service industry

• Aim for higher net profits and working on the business rather than being constantly busy

• Importance of working with customers who appreciate and value your services

• Unique profit leaks in home service businesses and finding innovative solutions to maximize profitability

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Renowned tax expert Edward Lyon, the funniest tax guy in America, challenges traditional accountants to bend the rules, maximize financial benefits, and help small business owners achieve financial success in a world shifting towards tax planning strategies and technological advancements.

In this episode, you will be able to:

• Delve into why strategic tax planning plays a vital role in small business growth.

• Distinguish how financial mindset diverges between entrepreneurs and accountants.

• Determine ways to employ tax credits as a business growth strategy.

• Acquaint with the benefits of integrating state-of-the-art technology in tax planning.

• Design a suitable lifestyle that balances both flexibility and fulfilment as a business entrepreneur.

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

Does this sound familiar? You've been told to invest in marketing agencies to increase brand recognition for your home service business. But despite the hefty investment, you're not seeing the tangible results you were promised.

The pain of wasted resources and a lack of differentiation in the market is holding you back from reaching your business goals. It's time to break free from ineffective actions and discover the strategies that will truly strengthen your brand presence all the while boosting your profits. .

In this episode, you will be able to:

• Uncover the hidden role of mindset in propelling personal and career advancement.

• Learn the art of demanding result-oriented accountability from marketing agencies.

• Master strategies to fortify your home service business's brand presence.

• Appreciate the necessity of authenticity and culture exhibition in successful marketing.

• Break through the fear boundary and embrace camera presence in video marketing.

Listen to all episodes at https://profitablehomeservices.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com

If you're feeling overwhelmed by the rising costs of insurance for your service business, despite your efforts to reduce expenses through cost-cutting measures, then you are not alone! Many business owners struggle with finding the right insurance coverage to protect their business and employees while keeping costs low. In some cases, they may be paying for coverage they don't even need. This can lead to frustration and a sense of helplessness. But there is a solution: captive insurance. By working with the right insurance company, you can take control of your coverage, lower your expenses, and gain peace of mind.

In this episode, you will be able to:

• Discover the advantages of captive insurance for your home service business.

• Uncover the benefits of owning a captive insurance company.

• Learn how to create tailor-made policies for your specific business needs.

• Find out how captive insurance can help lower your healthcare costs.

• Recognize the significance of adhering to IRS regulations for captive insurance companies.

Listen to all episodes at https://profitablehomeservices.com/

Connect with Randy at https://www.captivatingthinking.com/

Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com