My daughter Miranda made the trek from Brooklyn to Stamford recently, THE 26-year-old former Buck Wheat of these pages seeking a home cooked meal and tax advice as she prepared to file federal and state tax returns for the first time.
A member of the gig economy “Pand” had her income reported on an assortment of 1099’s, which unlike W-2’s, make no deductions for federal or state income taxes.
A break for the good guys! Or so THE kid thought.
It became my job to explain that as a contract employee, her employers had no responsibility to withhold taxes or pay Social Security on her behalf. Saving the hard part for last, I went on to explain that those taxes were still due, and that it was her responsibility to pay them.
News which came with a tear for each dollar owed.
At-first from the kid. But fathers reading understand why in THE end–it's always dad who ends up crying!
That's What it Means!
The country’s second largest paint manufacturer PPG announced their first quarter earnings recently and as with Sherwin-Williams, PPG is experiencing “lower sales volume” for architectural coatings blaming the decrease in-part on a “very challenging microeconomic climate.”
But PPG further reported that a “significant portion” of the decrease was caused by comparisons to the same quarter from last year, which the company claims was bloated by the $40 million load-in of Walmart.
THE statement an unintended and shocking disclosure of the failures of the Walmart program, which likely retails less than $50,000 of paint per Walmart location each year!
But while sales have dropped profit margins continue to rise with PPG reporting that the first quarter of 2024 was the second most profitable in the company’s 141-year history; THE impacts of “moderating input costs” and “structural selling price increases” according to chief executive Tim Knavish.
Who seemed comfortable disclosing his company’s greedflation!
Previously, PPG had announced a “review of strategic alternatives” for their flagging architectural coatings business. The announcement likely a precursor to PPG’s exit from THE channel.
With THE results from Walmart not giving reason to stay!
The company expects to announce their “path forward” (or out of!) the architectural coatings segment “sometime in the third quarter.”
A Level of Truancy
As a paint dealer vacation brought relief from the everyday stresses life behind THE counter and of commuting to the Bronx. But the time away often brought its own stress, including concerns for store operations during my absence.
But mostly it was fears for the work which would accumulate in my absence that caused the greatest stress. Anxiety for the digging out enough to deter me from vacations longer than a week until after I sold my stores.
In semi-retirement vacation comes with no such stresses. With no stores to open and consulting engagements put on hold its only dust which accumulates while away, allowing a truancy you should envy!
Ciao for two weeks!
