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