Commonly Missed Tax Deductions for Stylists, Barbers and Beauty Professionals

You’re in the world of perfecting your client’s physical appearance whether it is through hair, fashion, or makeup. The last thing you want to worry about is making sure your taxes are prepared correctly and with optimal care. I am definitely aware of this and I always want to make your life easier when it comes to helping you prepare your taxes.

The first thing you will want to do, is to make sure all your documents are in line. On this article I will show you how to get the most business deductions and lower your tax bill.

When preparing for the tax season, please keep in mind that you can write-off expenses that are common for your profession and ones that are necessary to help you run a business.

Read moreCommonly Missed Tax Deductions for Stylists, Barbers and Beauty Professionals

What is the best filing status for taxes?

How to Choose the Best Filing Status

What Filing Status Should I Use?

It is very important to select the correct filing status when filing your individual tax return. Many tax credits, deductions, and the amount of taxes paid are dependent upon the filing status selected. At times, more than one filing status may apply to you. In this case you should work with your tax advisor to figure out which status is best for you.

The 5 Filing Statuses:

  • Single
  • Married Filing Jointly
  • Married Filing Separately
  • Head of Household
  • Qualifying Widow(er) with dependent child

Read moreHow to Choose the Best Filing Status

tax credit and deduction

Tax Exemption vs. Tax Deduction. What’s the Difference?

Are you ever confused when your tax advisor says “take this exemption” or “let’s use this deduction?”

Don’t worry, you are not alone.

Most tax payers are not aware of the difference between a tax exemption and a tax deduction. I take pride in teaching you how to achieve financial peace in many different ways and this is one topic I’d love to explain to you.

Now let’s break down the difference between a tax exemption and a tax deduction!

Read moreTax Exemption vs. Tax Deduction. What’s the Difference?