Year-End Tax Planning: When to Spend
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.
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SEARCHMENUSEARCHYou 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.
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.
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.
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.
First and foremost keep your tipping policy client-friendly and report the tips as income.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The rumors of an IRS crackdown on salon tip reporting is causing salon owners and nail technicians once again to examine their gratuity policies.