When you are a beauty or barber shop owner, it’s not just about keeping your clients happy. There’s also a lot of behind-the-scenes work that needs to be done, like your taxes.
Deductible Small Business Expenses
There are a lot of business owners that don’t know about deductible business expenses, so they end up missing out. t. The list of deductions that small businesses can take advantage of is long. Below you’ll find some write-offs that you may not have known about.
Fees For Your Local Business License
To be a beauty professional, you need to have your license. You may not be aware of the tax write-off you are eligible for. You can write-off any fees that are associated with not only getting your license but maintaining it too (handytaxguy.com, 2020). This is also true when it comes to your business license.
Subscriptions To Magazines Related To Your Job
It may surprise you to know this, but if you have any magazine subscriptions, journals, or books related to your beauty business, then they are tax-deductible. Lifewise, if you have any magazines on hairstyles or beauty supplies, you could write them off as well.
Education – Classes, Books and Training
Education is important when you are a business owner. To stay competitive with other beauty professionals and business owners, you need to continue learning. You can write this off. To use this deduction, you need to be taking classes that directly improve your skills at your current job. In certain states, there are laws that say you need to take certain classes in order to keep you license current; these classes are also deductible.
Insurance is important for any small business, especially for salons and barbershops. However, it is important to know that your insurance premiums are deductible. This includes any type of business insurance – fire, theft, flood, property, general liability, malpractice, workers compensation, etc.
Tax Preparation Costs
Small business tax deductions can be confusing, so it’s better to leave it to a professional. It will cost, but their fees are deductible.
If you have children under the age of 27 or a spouse, you can also deduct the premiums you have already paid. (Investopedia, 2020)