Turn tax planning into growth strategy

RCS Influencer Aaron Weinstein says contractors should work with trusted tax advisors and peers well before major purchases to maximize long-term growth.

Editor's note: The following is the transcript of a live interview with Aaron Weinstein of Terial. You can read the interview below, listen to the podcast or watch the recording.

Emma: Hi everyone, I'm Emma Richardson. I'm here with RoofersCoffeShop.com and I'm chatting to Aaron Weinstein of Teriel. And we're here to talk about September's influencer topic, which is tax policy, credits and growth opportunities. Erin, anything you'd like to share?

Aaron: Yes, absolutely. First, I'm not a tax expert, so don't take any of my advice as true advice, but I can just share some of the best practices that we've seen with our contractors who tend to be commercial and multifamily roofing contractors. and I think this is going to be around how to leverage your experts in your outside network.

And I think the best practice here is to proactively set up meetings, whether they're quarterly, semi annual, annual at the very least with your tax experts, whether it's a CPA who you use, a lawyer, tax advisor, whomever it is. I think a lot of people wait to set up these big conversations around expenditures, credits, deductions until they've already made the purchase or they're already so far along in a process where you might not actually have the foresight to be able to have a tax advantaged approach. So the way that I like to think about this is that you want at least six months before you actually make that purchase or have that kind of key business expense; you want to have a plan of action of what to do. And no one expects you to be the expert here, but that's why you have your assembled board of experts and advisors.

One thing that has always helped me is asking your peer group. There are so many contractors around the country who have done what you have done or made similar decisions and probably have thoughts about what they would do differently. So I think especially if you're looking to have a CPA or bring someone in for some tax advice, ask your peers. And taxes are so local. So I would also make sure that if you are asking your peers, don't necessarily rely on a Florida CPA to give you advice in New York. So you want to make sure you're being a little bit judicious there.

Emma: Awesome. Thank you so much, Aaron. Great advice. And I'll catch you again in October.

Aaron: Thanks, Emma.