Are You Maximizing Tax Deductions For Your Beauty Business?
When you’re ready to make the move to a salon studio rental in Boulder, Denver, or Lone Tree, you may be on the search for ways to make the transition more achievable. At Indie we offer Rent Credits for purchasing supplies through our wholesale beauty supply program to help you throughout the year. Additionally, there are several tax deductions that may be applicable for beauty professionals, depending on your unique circumstances. Here, we share some of the more common tax deductions that may help you reduce your business expenses. Discuss these possibilities with your accountant or tax professional to determine if they’re the right fit for you:
Continuing Education
Regardless of which path you’ve chosen within the beauty industry, continuing your education is a must. Staying apprised of the latest techniques is crucial for maintaining and expanding your client base. Although many of our continuing education opportunities are complimentary or discounted for Indies, it’s helpful to keep in mind that the cost of continuing education classes, seminars, and conventions are usually eligible for tax deductions.
Supplies
Your tools of the trade are critical in the success of your business. You already know that investing in high-quality tools and supplies is nonnegotiable, but you may be surprised to learn that these must-haves are often tax deductible. Most items that you need to operate your business, including scissors, styling products, towels, and more, can typically be deducted.
Licensing and Insurance
Next time your licenses are up for renewal, be sure to keep tabs on your payments. Since you have to have these licenses current in order to run your business, their cost is tax deductible. Paying the premiums on your liability insurance is also necessary to stay in business, so this expense may also be eligible for a write-off.
Advertising
When you’re trying to grow your client base, advertising is key to capturing the attention of potential newcomers. Advertising may include a wide array of expenses, such as online ads, web hosting fees, and printed materials. Check with your professional as these expenses may also be eligible for a write-off.
Launching your beauty business and becoming your own boss offers so many advantages, both personal and professional. Understanding what is tax deductible gives you a head start on achieving your goals. The deductible items mentioned here are commonly used by beauty pros from all specialties, but be sure to work with an accountant to find the right path for your business. In addition to getting savvy about business expenses, it’s helpful to have a supportive team on your side to help you along the journey. As an Indie, you’ll have access to much more than just a gorgeous salon studio. Our community provides an abundance of perks, from rent rewards to business transition support, to discounted continuing education opportunities and beyond.
When you’re ready to learn more about availability in our Boulder, Denver, or Lone Tree locations, please contact our Market Manager, Kandice Meylan. Call or text Kandice at 303-792-8222 to arrange a consultation.
