The end of employment in the nail care profession does not matter to most freelancers until tax time. Then, as April 15th approached, they began stressing over whether or not they owed taxes.<\/p>\n
Confused about how small business tax laws work, even when these hard-working men and women pay someone else to prepare their taxes, most self-employed people still miss out on deductibles, meaning they pay way too much tax.<\/p>\n
No matter how good a tax professional is, if you don’t provide all the necessary information and numbers, your return will be wrong. Any wrongly done tax return will fail review if disclosed.<\/p>\n
Until pedicures learn exactly what the IRS expects of them, they’ll continue to pay more in taxes than they already owe, and end up in tax trouble. Understanding the tax rules in your industry is key to surviving an audit.<\/p>\n
It’s easy to stay on the good side of the IRS; All it takes is a strong desire to increase your earnings and a little honesty. Tax planning is an important part of running a successful business, and once you understand what the IRS expects from a small business owner, you can grow your business with the money you would normally spend on taxes.<\/p>\n
When you rent space at a salon or other spa, every penny paid for the rent is deductible, and if the landlord charges you for advertising, bookkeeping, or other services, that can also be paid in pre-tax dollars.<\/p>\n
Classes to learn new skills, all products used on your clients, miles paid when running work errands, money spent on client gifts, books and magazines purchased to stay up-to-date on nail trends, and health insurance for the self-employed are all deducted from your income before income taxes are calculated. But there are hundreds of other deductible items, too. The IRS takes note of this old business rule… it takes making money, and you’ll need to deduct every penny you spend.<\/p>\n
Nail techs who don’t stay abreast of IRS tax rules will miss out on tax benefits. Tax laws change every year, and sometimes they offer huge savings for just a short period of time. So even if you’ve paid your taxes, it’s smart to speak with a tax professional once in a while, just to keep up with new tax breaks and planning opportunities.<\/p>\n
Tax return preparation begins on January 1 for a for-profit entrepreneur. Planning for tax benefits on the first day of the year is a great way to lower your tax bill, and increase your odds of surviving an audit. A little tax education will do the rest.<\/p>\n","protected":false},"excerpt":{"rendered":"
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