Use an accordion folder with 12 dividers. Put all receipts and items bought and money going out in the month. I saw my dad do this for his business my entire life, it worked for him. He paid quarterly taxes. #TEAMYN
YeS!!! The best advice is to get a CPA that deals with small business and has had some/alot experience with salons. Dont use HR BLock etc as they do not know "what is what" in the beauty industry..... There are so many deductions if you save EVERY receipt and itemize. (Some tax laws have changed --- some for good and some for the worse but deal with someone that has knowledge!)
I started using the gloss genius booking app. It comes with a beautiful booking website and I can track all my business income and expenses along with pics of my receipts. I love it
@@xmun.6983 on the google play store. If you use the link I just posted you'll get something like $30 in credit for the app or they can send it to you via a Visa gift card to send how you choose. You get a free 2 week trial first though
That’s the only thing that came to mind for me. Tax every Service and put the money up for taxes. I have and keep ALL receipts anyways. 🤗👌🏽. Thanks for confirming that.
Thank you this tax season will be my first first year filing 1099. Scary but I think I’ll be ok. Your tips will help me from here on out. I’m reposting to share with my Nail Tech Friends in hopes that it’ll help them too.
Yes, get a tax professional!!. Lol. Will save so much hassle. I'm moving into an entrepreneurial space so this video was very helpful. Keep it up!! 😘 #teamyn
Great talk. Especially it’s that time of year coming up lol. I keep a shoe box lol and every receipt goes into it. I’m gonna check out that app. Thank you. I like the idea it categorizes it to make easier at the end.
I worked for a nail salon last year and I received a 1099NEC but I was working under an employee basis I didn’t have my own tools, I didn’t set up the prices and I had an schedule of 8-7 Am I being mis classified? Should I get a w-2 instead?
We would definitely recommend discussing this with your salon owner as well as a tax professional to get more specific information, but a 1099NEC is for Nonemployee compensation or an independent contractor.
This is literally what I’m going through 😭😭 I’m literally talking to my tax consultant this week. May I ask Whats the rough number or an average that we’d usually owe after a year? 🥲
Is there a timeframe in between buying a product and how long you take to get a business started to write off buying that product/supply. For example, I see you guys have a Labor Day sale on pro kits. I want to buy the acrylic kit and the gel kit and the full tip kit. I am in the process of gathering information for starting a small Nail salon on my property, but Im not sure if it’ll be approved by my municipal in my county because they want me to do it in home. Whereas I want to get a custom beauty shed. That’s what I want. . If it’s approved idk if it’ll be builtbefore the end of this year. I have contacted my tax lady who does my taxes for my full time hospital job. She wants me to call her after the holiday but I’m pretty sure she has no idea with beauty business tax. My main concern is. Should I buy the supplies now while they’re on sale (I have had a huge urge to buy acrylic supplies and the sale popped up like déjà vu) and I’d make profit as I pratice or should I wait until I have my salon set to buy the supplies and have all the receipts for tax year for my home based salon? Is there an expiration on buying the supply within a certain time/ year or tax time frame. I currently work part time in a hair And lash salon but my clients want gelx and I want to get back into acrylic. Currently I work with Dip, Gel polish and hard gel
Generally the tax write off is for the year the item was purchased. However, we would recommend consulting with a tax professional for further information.
. After getting licensed must I file for taxes? Even if I’d still be a beginner with low clientele ? Or is this something I do once I get more clientele?? Right now I’ve spent more on supplies than what I’ve made from my work
I would actually recommend that you discuss this question with a tax professional. This way they can guide you in the direction that is best for you and your business.
@youngnailsinc hi can you please answer me I want to know if I can start doing nails on the side without a license? Educating myself and buying quality products?
You have to check the laws depending on where you live. I would imagine that none of us non pros can have access to some of the really cool products we see the professionals use without a nail license. It sucks though because it's so cool to see the things pros use.
I would actually recommend that you discuss this question with a tax professional. This way they can guide you in the direction that is best for you and your business.
I have heard a rumor that tax write offs will no longer be allowed starting this year. Is it true? If so, does this mean we won't be able to write off things like laundry detergent (like Tracey's example)?
Well the area where you live that depends and if you work independently and how many clients it all depends you pay what you make not over but if you do work private they wouldn't know on that unless you tell them it's the same with any work unless your working for someone in a business together that's different
Am so greatful for this topic... I thought you need to pay when u have your own place. What a suprice to hear even if i booth rent i have to pay. Ohkay i did register my business name coz i was scared my business name would be taken an wanit to make sure that name isnt already out there. Anyway so my name is registered but the paying taxes part where do i even start.
Use an accordion folder with 12 dividers. Put all receipts and items bought and money going out in the month. I saw my dad do this for his business my entire life, it worked for him. He paid quarterly taxes. #TEAMYN
Nice
This was awesome! Please put out a few more tax related videos!!💕💕💕
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Omg yes PLEASE MORE TAX AND TAX RELATED ORGANIZATION
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Amazing talk. Love for these kind of videos to keep coming.
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YeS!!! The best advice is to get a CPA that deals with small business and has had some/alot experience with salons. Dont use HR BLock etc as they do not know "what is what" in the beauty industry..... There are so many deductions if you save EVERY receipt and itemize. (Some tax laws have changed --- some for good and some for the worse but deal with someone that has knowledge!)
For sure
A friend of mine has a credit card to buy everything that is deductible, a separate bank account to save a percentage of every check or pmt.
Smart
I started using the gloss genius booking app. It comes with a beautiful booking website and I can track all my business income and expenses along with pics of my receipts. I love it
Nice
Where did you get the booking app? Apple store?
@@xmun.6983 on the google play store. If you use the link I just posted you'll get something like $30 in credit for the app or they can send it to you via a Visa gift card to send how you choose. You get a free 2 week trial first though
That’s the only thing that came to mind for me. Tax every
Service and put the money up for taxes. I have and keep ALL receipts anyways. 🤗👌🏽. Thanks for confirming that.
Smart
Thank you this tax season will be my first first year filing 1099. Scary but I think I’ll be ok. Your tips will help me from here on out. I’m reposting to share with my Nail Tech Friends in hopes that it’ll help them too.
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Exactly! Invest in yourself (education) or your product & equipnent or pay out more in taxes!
Yup!
Always the best information! Thank you!
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#teamyn
Thank you so much. This is extremely educational ✅
❤️❤️Good!
This right here was awesome info, super helpful!! Appreciate you guys this is great preparation for me!!!💗🙏 Bless y'all!!
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Yes, get a tax professional!!. Lol. Will save so much hassle. I'm moving into an entrepreneurial space so this video was very helpful. Keep it up!! 😘 #teamyn
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My suggestion QUICKBOOKS they have a mobile app or desktop version. It's worth it
Nice
It's free with turbotax self-employed!
Thank you so much for this valuable information.
Thanks for watching
Great talk. Especially it’s that time of year coming up lol. I keep a shoe box lol and every receipt goes into it. I’m gonna check out that app. Thank you. I like the idea it categorizes it to make easier at the end.
Totally
I worked for a nail salon last year and I received a 1099NEC but I was working under an employee basis
I didn’t have my own tools, I didn’t set up the prices and I had an schedule of 8-7
Am I being mis classified? Should I get a w-2 instead?
We would definitely recommend discussing this with your salon owner as well as a tax professional to get more specific information, but a 1099NEC is for Nonemployee compensation or an independent contractor.
I better keep my physical expenses of my receipts from now on. I only put everything on a Excel sheet what and where I spent.
Nice
This is literally what I’m going through 😭😭 I’m literally talking to my tax consultant this week. May I ask Whats the rough number or an average that we’d usually owe after a year? 🥲
#teamyn!! I love this topic, I find it really interesting.
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Great one! #teamYN
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Is there a timeframe in between buying a product and how long you take to get a business started to write off buying that product/supply. For example, I see you guys have a Labor Day sale on pro kits. I want to buy the acrylic kit and the gel kit and the full tip kit. I am in the process of gathering information for starting a small Nail salon on my property, but Im not sure if it’ll be approved by my municipal in my county because they want me to do it in home. Whereas I want to get a custom beauty shed. That’s what I want. . If it’s approved idk if it’ll be builtbefore the end of this year. I have contacted my tax lady who does my taxes for my full time hospital job. She wants me to call her after the holiday but I’m pretty sure she has no idea with beauty business tax. My main concern is. Should I buy the supplies now while they’re on sale (I have had a huge urge to buy acrylic supplies and the sale popped up like déjà vu) and I’d make profit as I pratice or should I wait until I have my salon set to buy the supplies and have all the receipts for tax year for my home based salon? Is there an expiration on buying the supply within a certain time/ year or tax time frame. I currently work part time in a hair And lash salon but my clients want gelx and I want to get back into acrylic. Currently I work with Dip, Gel polish and hard gel
Generally the tax write off is for the year the item was purchased. However, we would recommend consulting with a tax professional for further information.
@@youngnailsinc that was helpful and great to know thank you!
. After getting licensed must I file for taxes? Even if I’d still be a beginner with low clientele ? Or is this something I do once I get more clientele?? Right now I’ve spent more on supplies than what I’ve made from my work
I would actually recommend that you discuss this question with a tax professional. This way they can guide you in the direction that is best for you and your business.
Yasss needed this....
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@youngnailsinc hi can you please answer me I want to know if I can start doing nails on the side without a license? Educating myself and buying quality products?
You have to check the laws depending on where you live. I would imagine that none of us non pros can have access to some of the really cool products we see the professionals use without a nail license. It sucks though because it's so cool to see the things pros use.
You need to find out regulations in your region. Most states require licensing.
License or no license , you still need to claim income and pay tax on it.
THANK YOU FOR THIS, this is sooo what I needed. #teamyn
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Is it better to pay your taxes monthly or at the end of the year?
I would actually recommend that you discuss this question with a tax professional. This way they can guide you in the direction that is best for you and your business.
#teamyn great topic!
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I have heard a rumor that tax write offs will no longer be allowed starting this year. Is it true? If so, does this mean we won't be able to write off things like laundry detergent (like Tracey's example)?
Interesting, again every state has different laws so that would be a question for your accountant
Brilliant advice guys #teamyn
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So should we add tax fees to the services?
Als B good question, I’d like to know as well
You could if that is your preference as to how you would like to do it.
It also depends on your state. NH doesn’t tax so I can’t add it.
Well the area where you live that depends and if you work independently and how many clients it all depends you pay what you make not over but if you do work private they wouldn't know on that unless you tell them it's the same with any work unless your working for someone in a business together that's different
For sure
Good counsel #teamyn
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Do nail salons charge customers sales tax for services?
It depends if your state requires it.
Am so greatful for this topic... I thought you need to pay when u have your own place. What a suprice to hear even if i booth rent i have to pay. Ohkay i did register my business name coz i was scared my business name would be taken an wanit to make sure that name isnt already out there. Anyway so my name is registered but the paying taxes part where do i even start.
Seek out an accountant to help guide you
#TeamYN
😌😌
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Great topic! #TEAMYN
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Tax season, no fun. It's one thing I don't enjoy from my job. God points though. #teamyn
Haha so true
#teamyn
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🧐🧐🤭#teamyn
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