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.
NAILS 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.
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