TAXES FOR INDEPENDENT STYLISTS and AVOIDING RED FLAGS
Tax season is officially upon us!
April L. McDaniel, CPA, CRSP, with Kopsa Otte, speaks with Anne Moratto Director of Content Strategy for MODERN SALON, on things to know when moving from a commission salon to an independent business model, plus things that might trigger an audit by the IRS.
We ask:
Q: When a stylist moves from a commission-based salon to a salon suite or studio, will their taxes become more complicated?
Q: Are there business expenses that you can NOT write off on your taxes but many may think they can?
Q: And conversely, are there expenses that you can write off but it’s not commonly known you can?
Q: What are things that will throw up that red flag (and may prompt an audit) on your tax returns?
To read more hair-related and beauty-focused content, visit:
MODERN SALON: https://www.modernsalon.com/
NAILS MAGAZINE: https://www.nailsmag.com/
MODERN SALON IG: / modernsalon
NAILS MAGAZINE IG: / nailsmagazine
Kopsa Otte: https://www.kopsaotte.com/
Kopsa Otte is dedicated to implementing strategies that enhance the well being of our team and the clients we serve.