The salon is an LLC yet it is just me that is the owner. Therefore, I believe I would have to file a 1040 as a self-employed individual. All the stylists booth rent so I have no employees, I lease the space my salon is in, and of course I have overhead such as retail products and supplies.I am a salon owner and I am wondering if there is a list of tax deductions out there specific to my industry?
My suggestion is to contact your local assocation for your industry and find an accountant who works with salons
Good Luck!I am a salon owner and I am wondering if there is a list of tax deductions out there specific to my industry?
Self employment taxes are really quite easy. You must make sure you have every receipt spent for your store, this includes pens, pencils, writing paper, you have an idea of what I mean. Taxactonline.com can help you with your needs. Its free, secure and safe. All questions you have will be on this site. It has a list for everything that a business owner uses or needs. Just fill in the blanks with rounded off numbers. Make sure you have all your totals before starting your taxes. Round numbers like this: .49 goes to the lower dollar/ .50 goes to the higher dollar. Its free and very helpful and retains your records year to year. You efile directly to the IRS so no need to mail anything. Good luck and happy tax season.
an accountant can handle this easily,I own a business as well,no employees etc and I have to file the profit/loss as well as 1040 etc.It can get confusing fast and cost you alot of money if not done right,seriously,find an accountant and let them file your taxes.
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