Tax Saving Secrets for the Beauty Industry
$69.99 10 Sections 10 Lessons
Course Description
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.
Course Content
Introduction
This course covers some of the most common expenses beauty industry professionals can take advantage of to reduce their tax liability to the state and the IRS.
Introduction
Agenda
The topics covered in this course.
Agenda
The key to paying less taxes
While the process of filing taxes can be confusing, it doesn't have to be. Understanding what you are allowed to deduct is 50% of the battle, and this lesson covers some of the expenses beauty industry professionals can deduct.
The key to paying less taxes
Mileage tracking and deduction
According to the IRS, you must keep adequate records or provide sufficient evidence to support your mileage deduction. You will not be able to claim a deduction if you have no records or if you are unsure of the number of business miles you drove in a given year. Auto mileage deduction is a great way to reduce your tax liability because you are receiving a deduction that doesn’t require an actual outlay of cash.
Mileage tracking and deduction
Deducting client gifts
Although gifts to clients are deductible, there are some limitations to these deductions, and the lesson covers these limitations.
Deducting client gifts
The home office deduction
Certain beauty industry professionals are eligible to take the home office deduction. Deducting home office expenses incurred in connection with your beauty business can be a very valuable tax write-off for business owners. The IRS allows a deduction for a percentage of mortgage interest, real estate taxes, depreciation, rent, utilities, and other home expenses.
The home office deduction
Deductible meals
Business meals are deductible under the right conditions. In addition, the CARES act of 2021 allows for food and beverages to be 100% deductible if purchased from a restaurant in 2021 and 2022.
Deductible meals
Office expense deductions
Office expense deductions
Health insurance deductions
Health insurance deductions - This lesson explains who can and cannot deduct health insurance based on the laws surrounding married individuals. You will also learn where health insurance can be deducted on the tax return.
Health insurance deductions
Deducting furniture equipment and computers
Salon equipment is usually one of the most expensive purchases a salon owner will make. Knowing whether a piece of equipment can be immediately expensed, or whether it has to be capitalized is good to know for tax-saving purposes.
Deducting furniture equipment and computers