Tax season is upon us once again. All year long, you’ve been investing in your salon or spa. The good news? Much of your business-related expenses are potentially deductible. Now's the time as a spa and salon owner (or the tax preparer) to turn business expenses into tax deductions.
Download our salon and spa tax deduction checklist and make sure you’re not missing out on valuable tax breaks for:
- Furniture and equipment: Your business can deduct expenses like salon station chairs, carts, facial or massage tables, product displays, and more.
- Products and tools: For many, the pandemic meant a sizable investment in retail efforts. Your salon or spa can declare and receive deductions on purchases including product lines (think: shampoo, conditioner, skincare products, etc.) and styling or other necessary tools.
- Employee-related expenses: Do your employees wear uniforms when they're at your business? You should look into deductions for them. Even employee salaries and benefits may also be tax-deductible.
- Business insurance and marketing expenses: Don't miss out on tax deductions for business insurance premiums. Marketing material for your business can be deductible, too.
- Business meals and company parties: You may be able to deduct expenses on business meals or snacks you provide for your employees.
- Training and education: Look into deducing certification expenses, continued education expenses, and even industry magazine expenses.
Taxes shouldn't be overly taxing! With our deduction checklist, you can make sure you know which work-related expenses are deductible with relative ease. Don't leave simple deductions on the table and pay more in taxes than you need to.
This information contained herein does not constitute financial, legal, or other professional advice and is meant to be used solely for informational purposes. It does not take into account your specific circumstances and should be not acted on without full understanding of your current situation, future goals and/or objectives by a qualified professional. MINDBODY and Bench assume no liability for actions taken in reliance upon the information contained herein.