This course covers the types of problems that can emerge if you find yourself dealing with the IRS due to unpaid taxes or unfiled tax returns. The course also discusses the different options you have to settle your debt with the IRS and why the IRS targets cash-based businesses like hair salons.
As you know, none of us like to pay taxes, so it’s crucial we do everything we can to pay as little tax as legally possible. We shouldn’t pay any more or any less than we are required by law to pay. In the course, I discuss some of the tax deductions available to beauty Industry professionals, including some deductions that you may not have known you could take.
Do you know if it’s time for your business to become an S Corporation? Being taxed as an S corporation has many advantages, “tax-favorable characterization of income” is one of them. If you qualify and the numbers make sense, it may be advantageous to consider going with S corporation status. In this class, you'll learn whether your company is ready to become an S corporation and whether you're ready to make the switch.
I am a business owner. Should I set myself up on payroll? Should I pay myself through a draw? Should I pay myself through a distribution? Should I set up a guaranteed payment system to pay myself? All of these options can confuse the best of us. As a small business owner, how many times have you wondered if you are paying yourself per IRS requirements? This class explains how owners of the most common types of businesses in the United States are required by law to pay themselves. Getting it wrong can cost you and your business a lot of money in penalties and interest.
Estimated tax is a tax payment made four times a year based on your reported income for the quarter. Small business owners, freelancers, and independent contractors are the most likely to be required to pay taxes quarterly because they do not have taxes deducted from their paychecks in the same way that regular employees do. Taxes can be estimated for any taxable income that isn't subject to withholding. Earned income, dividend income, rental income, interest income, and capital gains are all examples of this.
Do you wonder where your money goes each month and why you can’t seem to see the end of the road when it comes to your personal debt? Do you want to stop making excuses and take total control of your finances?
The first step to changing your financial position is knowing how much money you are making, how much you are spending, what you own, how much you owe, and to whom. Once these questions have been answered, you are 50% closer to your dream of financial freedom.
This class will show you step-by-step how to calculate your net worth, create your income and expense budget, and you will learn two techniques you can use to start paying off your debt so that you can become financially debt-free.
This class is designed for business professionals interested in mastering their business finances. The course will help you understand the things you need to do and know when you start a business or are currently in business but still need business financial help. After watching each lesson, you will have a clearer understanding of your business finances and a clear plan to reach your goal(s).
Cost accounting is a process of assigning costs to cost objects that typically include raw materials, labor, and overhead. The purpose of cost accounting is to estimate the total cost for a product or service. This can be done by adding up the costs for each type of expense.
Raw materials are the supplies used in production. Labor is the sum of salaries and wages paid to employees. Overhead is any other expense not directly related to production, such as rent, utilities, office supplies, etc.
In this course, you will be introduced to cost accounting in its simplest form.
As A Beauty Professional, What is a fair price for your time?
How do you determine how much to charge for a service?
Are you making the amount of money you want?
These may seem like easy questions, but most of us have difficulty coming up with the proper framework to answer some or all of these questions. The answer depends on so many different factors. For instance, what kind of services you offer, your variable costs, your fixed costs, what region of the country you live in, how much money you need to make to satisfy your financial obligations, and your personal financial desires. Pricing services is a dilemma for many beauty professionals, and there is so much more to pricing your service than just what you think you are worth.
Do you want to grow your business, but don't know where to start?
The beauty industry is a competitive field, and it's important to be on top of your finances. With the help of QuickBooks Online, you can stay on top of your business's financials from anywhere.
This course will help you determine which QuickBooks Online subscription is best for your business.
Once you have selected the best QuickBooks option, you will learn how to set up a brand new company, including setting up your chart of accounts; recording transactions, managing lists, running reports, and customizing QuickBooks for your beauty business needs.