Tips for Taxing Times
NAILS asked financial counselor Barbara Hargrove to review some commonly missed tax credits and deductions.
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SEARCHMENUSEARCHNAILS asked financial counselor Barbara Hargrove to review some commonly missed tax credits and deductions.
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.
It took five years and more than $100,000, but Nails Now! Owner Ira Bloom finally prevailed in his quest for the IRS to recognize his nail technicians as independent contractors.
If the IRS asked to examine your salon's Federal Tax returns, would you survive the audit? Read on for an account of a salon owner who thought she was doing everything "by the book."
Crime may not pay, but beauty professionals do when people cheat at getting a license, or just work without one. What’s the cost? Increased licensing fees, more rigorous application processes, and a damaged reputation for the entire industry.
You’re playing with fire of you are trying to get away with classifying legitimate employees as independent contractors. If you are unclear on how to classify your workers, talk to an attorney – today.
Don’t leave your future to fate! To see what financial planning can mean to you, look at our real-life examples. In just one year, these salon professionals have reduced their debts, increased their income, and gained control over their financial future.
Be sure your salon is in compliance with the IRS’s rules; salon owners who’ve incorrectly classified workers as independent contractors can be liable for back taxes, penalties, and fines.
Better budgeting now will help you avoid the blues
The first thing you should know about the difference between being an employee and being an independent contractor is that the choice may not be up to you. Stay on the right side of the law ... and the IRS.