Topic : taxes

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Misclassification: The Ultimate Nightmare

December 22, 2013  | Article

It is a true, life-changing story that can easily happen to anyone who is not classifying salon personnel correctly in the eyes of the government. You probably think you know the rules about employment classifications, but you’re probably wrong.

Keywords: booth rental   employee issues   independent contractors   IRS   Ken Cassidy  

6 Last-Minute Tax Tips

March 18, 2013  | Article

It’s almost time to pay the taxman. If you haven’t filed your returns, don’t fret. These tips can help ease the pain. 

Keywords: income   taxes  

independent contractor

November 19, 2012  | Encyclopedia

A self-employed worker, who is not subject to the same rules and regulations as an employee, and who has different rights or privileges than an employee; an independent contractor generally makes her own hours, pays her own taxes, and handles client payment directly (among other factors); the IRS determines whether a worker is an employee or independent contractor.

Keywords: booth rental   business   employee issues   staff management   taxes  

booth rental

November 19, 2012  | Encyclopedia

A business structure that is common in the professional salon industry, booth rental is essentially a landlord-tenant arrangement between salon professional and salon owner; a booth renter will typically pay a flat monthly or weekly rent to a salon owner for the ability to work in a fixed salon; a booth renter ordinarily has a contract that outlines what expenses she is responsible for and what the salon owner pays for.

Keywords: booth rental   taxes  

My Other Life: Marie Soto, Tax and Accounting Business

March 29, 2012  | Article

“I love numbers. Call me crazy, but they’re fun,” says Marie Soto, owner of At Your Hands & Feet inside Antwon’s Salon in Glendale, Ariz. Good thing she’s fond of figures because she’s also the owner of Soto Tax and Accounting.

Keywords: My Other Life   taxes  

My Day as a Beauty Industry Lobbyist

August 16, 2011  | Article

I visit Capitol Hill with the Professional Beauty Association to talk about pending legislation that could save salon owners thousands of dollars. Part of a PBA Lobby Day team, I met with Congress members to help the beauty industry’s voice be heard.

Keywords: Professional Beauty Association   Professional Beauty Federation   taxes  

Know Your Compensation Options

June 6, 2011  | Article

Believe it or not, some techs graduate from nail school and immediately open up their own salon. Most, however, wait to get some experience first. If you’re not ready for salon ownership, you can get to work as either an employee or a booth renter. Read on to learn the differences between these types of techs.

Keywords: career handbook   compensation systems   newbie   taxes  

Follow the Money

May 19, 2011  | Article

For booth renters and salon owners, keeping track of income and expenses is not the most exciting task, but it’s a necessary one.  Keeping your business records in order will not only keep Uncle Sam smiling, it will enable you to understand your financial footing.

Keywords: booth rental   business tools   income   money   taxes  

PBA: Congress Considering FICA Tax Credit for Salon Owners

May 13, 2011  | Video

The Professional Beauty Association (PBA) is lobbying to get this tax credit for salon owners passed. To find out more, visit http://www.beautyisourbusiness.org/

Keywords: Professional Beauty Association   taxes   tips  

Ready, Set, File

March 20, 2011  | Article

As the April filing date nears, it’s time to double-check deductions and start planning for next year. Whether you are a one-station booth renter or a salon with multiple locations, you will want to make the most of every advantage the tax laws allow.

Keywords: business   money   taxes  

Year-End Tax Planning: When to Spend

December 1, 2010  | Article

You can put more money in your pocket by doing effective tax planning. Before the year ends, take some time to consider the steps you can take to reduce your tax bill.

Keywords: taxes  

Credit Card Program Makes Saving Seamless

October 1, 2010  | Article

We know we should be saving for retirement — or taxes, or that vacation — but often we can’t seem to find a way. A free service called Auto-Save from Integrity Payment Systems automatically deducts a pre-determined amount each time a client pays with a credit card and deposits the amounts into an interest-bearing, no-minimum savings account.

Keywords: business   finance   keeping your business competitive   money   taxes  

Let Your Elected Officials Know How You Feel

December 1, 2008  | Article

Find out how the Professional Beauty Association is advocating for the beauty industry at all levels of government and sign up for their newsletter to stay informed.

Keywords: legislation   MMA   Professional Beauty Association   salon finances   taxes  

Tipping Done Right

November 1, 2008  | Article

First and foremost keep your tipping policy client-friendly and report the tips as income.

Keywords: business   taxes   tipping  

Save Money by Remodeling Your Salon in 2008

August 1, 2008  | Article

If you were thinking about remodeling the salon, this might be the time to fasttrack your plans. Earlier this year, Congress approved the Economic Stimulus Act in the hopes of aiding a sputtering economy. In addition to the individual tax rebates, the Economic Stimulus Act contains a provision that offers businesses increased tax deductions on purchases they make before the end of the year.

Keywords: business   finance   recession   remodeling   taxes  
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