November 1, 2008
First and foremost keep your tipping policy client-friendly and report the tips as income.
Keywords: business taxes tipping
August 1, 2008
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
April 1, 2008
Spin the Wheel: Playing the Classification Game — In the salon industry, workers most often operate in one of three ways: as employees, booth renters, or independent contractors. But for years many salons have incorrectly labeled their independent contractors and may have put themselves at risk of having the IRS reclassify their workers. Find out if you're doing things correctly or if you're just spinning the wheel and seeing where it lands.
Keywords: booth rental business business tools employee issues independent contractors
October 1, 2007
In a major victory for the Professional Beauty Administration (PBA) and the salon industry, the Small Business Administration (SBA) recently issued a ruling that preserves the small business designation for hundreds of salon/spa businesses nationwide.
Keywords: business Professional Beauty Association taxes
June 1, 2007
While the thought of an economic slowdown — or other financial challenge — can be scary, it can also be the catalyst for change. Take heart and learn from the struggles and strategies of two business owners who came out on top.
Keywords: customer service economy money natural disasters taxes
February 1, 2007
Tipping has always been a sticky subject in the beauty industry. With mixed messages on whom and how much to tip, consumer tipping behavior varies widely. To curb that variance, some spas instituting automatic gratuities and service charges.
Keywords: taxes tips
March 1, 2005
If they were audited, a large percentage of the salon owners in the beauty industry today could not pass the tests determining their workers’ tax status imposed by the IRS or by their individual state, says our expert. As tax time approaches, know the facts. The financial fall-out from misclassifying your staff can be devastating.
Keywords: booth rental employee issues independent contractors IRS taxes
October 1, 2002
As competition and tough economic times keep service prices flat, salon owners and booth renters need to look elsewhere to increase profits. Learn ways to cut your overhead costs — without sacrificing customer service.
Keywords: keeping your business competitive salon finances taxes
April 1, 2002
Maintaining good financial records is not just about keeping the IRS happy. Having solid data enables you to measure how your business is performing and make adjustments when necessary.
Keywords: finance record-keeping salon finances taxes
June 1, 2001
NAILS knows that there is some confusion when it comes to filing your taxes, so if you’re not reporting all your tips, read this. The IRS wants its fair share of your taxes and it’s trying to make it easier for salon professionals to follow the rules. IRS analyst Don Segal answers common questions.
Keywords: IRS taxes tips
January 1, 2001
March 1, 2000
Call your business what you like, but when it comes time to determine whether you’re an employee or a true booth renter or independent contractor (yes, there is a slight difference), it’s up to the IRS to decide.
Keywords: booth rental vs employee debate employee issues employment status independent contractors IRS
November 1, 1999
The rumors of an IRS crackdown on salon tip reporting is causing salon owners and nail technicians once again to examine their gratuity policies.
Keywords: IRS taxes tipping
December 1, 1998
NAILS asked financial counselor Barbara Hargrove to review some commonly missed tax credits and deductions.
November 1, 1997
A recent government study recommended that Title IV funding be cut for cosmetology and other proprietary schools because there was a “surplus of trained workers” in those fields.
Keywords: cosmetology schools government funding taxes Title IV