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.
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.
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/
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.
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.
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.
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