I'm an accountant and this has really good information that I was looking for. I do want to clarify a few things. 1] Paying taxes throughout the year (quarterly) is the law, not a personal preference. Failing to do this can subject you to penalties and interest to both the Federal and State governments. 2] You need receipts for ALL expenses claimed on your return, not just the variable ones. 3] Be careful about expensing all "fixtures". You may need to capitalize and depreciate some of the items that have longer useful lives (more than 1-year life). Make sure you are disclosing these purchases with your accountant to determine when/if purchased items are expenses or assets. Thanks for the video!

@brandywatson7219

Жыл бұрын

I have been doing nails for 20 yes, I have never done quarterly taxes!!😬 I did not know this was the Law, my accountant has never told me this

@jerishull1860

Жыл бұрын

@@brandywatson7219 If you or your spouse had a job that withheld taxes then you might have been paying in enough during the year in the past. However, withholding rules changed in 2020, and for many, reduced the amount of withholding. Work with your accountant to make sure you have enough withholding and/or paying estimated taxes quartly to avoid penalties at year end.

Please don’t ever delete this video! You’re such a life saver , I can’t thank you enough to how much this helped!!

@WholyHair

2 жыл бұрын

💗💗

THANK YOU SO MUCH FOR THIS! I cried while listening and FEEL SO MUCH MORE confident to do my taxes. THANKS AGAIN 🌹🌹🌹

This is lifesaving content. im writing this down for the future!! Thanks Lau! Also omg that 12k shock must have been huge. im so glad god came through for you in the end with the 4 month receipts!

@WholyHair

4 жыл бұрын

Ivan J it was scary! I wish I knew all this info before I opened my small business so I figured I would pass on what I’ve learned! 😊 thx for watching!!

3 years later and still helping people ❤

@WholyHair

11 ай бұрын

yay, love that 💗

Girl! You are a God sent! I was over here like yaaaaaaaaas come through God with the reducing those taxes. So glad he had your group pray for you and lead you to those receipts. You explained everything so clearly....I appreciate all of this, you officially have a new follower😉 Blessings to you and your business💓

@WholyHair

3 жыл бұрын

hahaha love it 💗💗💗 God always pulls through💪🏼 thx for watching!

thank you so so much for this video! as a first year salon suite owner, i've been stressing myself out about taxes and this made me feel so much better

I watched many videos but this one is AMAZING. Many blessings to you for helping others

Thank you SO MUCH for this video I’m going solo with a new studio soon so this playlist has been a life saver, ALSO thank you so much for sharing that testimony of paying your taxes your first year. Praise the Lord He is so good!

Just seeing this video! I wish I saw it a year ago to help me bc I feel crazy all over the place when it comes to tax time. This will help me a bunch now! Thank you for this!! ❤

This was extremely helpful. Your voice was extremely calming. Thank you for the video🤍

Thank you I’m about to cry I’m about to finish school and I’m getting my hair braiding off the ground since I can’t keep a regular job. I’ve been trying my best to learn how to file for taxes with my braid business. Thank you so much!!! Time for me to rock and roll

@Saltyeyez2156

Жыл бұрын

OmG! please share what you have learned. I am in the sale boat right now!

@WholyHair

Жыл бұрын

I talk about a really great business tool in this new video: kzread.info/dash/bejne/o6RrmdKFlZOep84.html Hope it's helpful!!!

I’m approaching my first year tax review and this just gave me ALOT of comfort sooooooooo helpful

You are a life saver ❤❤. Thank you for sharing, God continue to bless you 🙏

Thank you so much. I am getting a suite in the next two weeks and I don't even know where to turn to and this video helped me a whole lot!

@WholyHair

8 ай бұрын

I have a whole series on opening a suite💗

Your kindess is just so refreshing ! Thank you for sharing these amazing tips

@WholyHair

3 жыл бұрын

thx for watching 💗💗

Thank you so much for sharing!! I needed this!

@WholyHair

Жыл бұрын

You are so welcome! Go to wholyhair.com if you'd like to get on the waiting list for my future classes💗

This video is amazing! I don’t own a suite yet but I am manifesting that I will open one in the next year or two and this video was very helpful and gave me a lot of perspective. Thank you. You’re the best

This is beyond helpful! Thank you! ❤

Thank you for sharing this❤️

Thank you

Thank you so much!!! Im opening a salon suites building this year and this is soooooo helpful!

I like your video very informative information, however, as we prepare to do bookkeeping, we mostly refer to bank statements and for cash transactions we would refer to receipts. I am also a Tax Advisor and Planner for business .. we would show you throughout the year how to maximize your business to get the more write offs for your business and pay less taxes. Each accountant works differently and we offer different services. In general I always like to educate my client and I always want to meet with them at least 3-4 times a year.

This was so helpful! Thank you so much, God bless

@WholyHair

3 жыл бұрын

thanks for the tip! that is true, sometimes the receipts do fade. God bless!!

THANK YOOOOOU. I have been searching and searching for help with this 🙏🏻

@WholyHair

3 жыл бұрын

so glad this was helpful💗💗 thx for watching!

Loved this video so much! God bless you!

I am an Esti! So when I buy my devices like microneedling pen or my wax pot, which area do I put those in? Would it be workplace fixtures, or electronics???

Great video , love it ! I’m beginning my business so I want to do the right thing . Great list as well !! 🥰👏🏻

Thank you so much for this helpful video. 🙏🏼 I am an Esty student and this is a helpful video to use in the near future!

This was so helpful and definitely helped with stress! Thank you so much you’re such an angel🤍

@WholyHair

2 жыл бұрын

im so glad💗 thx for watching!

Very very helpful

Very helpful thank you

i love you’re cop

this was so helpful! thank you!

Can we use cosmo school as a write off? Like how much we’re paying for school ,the supplies we’re having to buy while in school, mileage for gas to commute to & from school, our lunch that we have to buy while on breaks at school, gas when we have to travel to field trips for school, or business cards?

@WholyHair

Жыл бұрын

i’m not sure, I would ask your accountant!

@prettybrowneyes8945

Жыл бұрын

@@WholyHair ok thank you for responding! Have a blessed day ❤️

For the receipt savings, could the receipts be scanned as documents or do they have to be the originals ?

Thank you for making this video ❤️😊

Very helpful! Thank you very much! 💖

Thanks for this video! So helpful 🙌🏼

Thank you for creating this video.. so helpful!!! 😇

@WholyHair

4 жыл бұрын

Angel Garden you’re welcome, glad you liked it 💗

I’m a hairstylist but I’m also a waitress and I always filed yearly cause of the waitressing job. I get my W2 from the restaurant and then I file everything. I never got a penalty from my self-employed LLC business. Is it still better to just do it that way or file quarterly taxes for my business and then file for the restaurant taxes once I get the W2? Also, I do withholdings from my restaurant’s paycheck to reduce my tax payments.

Amazing video thank you

Prayers works people! A big confirmation

@WholyHair

2 жыл бұрын

amen!

Thank you so much for this

Great video! question? Where to get the form 1099? Thanks

@WholyHair

2 жыл бұрын

you have to file your business with the state to register as a 1099 business owner

This makes me feel love it I am stressing out right now trying to figure out my taxes for my accountant right now. She’s asked me and it’s coming down to the wire. I was just like you my first year, and I kind of just threw myself into the business not really organized. I saved a lot of receipts but I don’t know if I have them all so now I’m going back and trying to find them. Also about half way through the year I jumped on QuickBooks attached to my work debit card so my question is how do I make sure I do not duplicate receipts that I have and receipts that are used using my QuickBooks debit card do I just look at the receipt and if it’s on a debit card that I know it’s probably in QuickBooks?

@WholyHair

Жыл бұрын

that’s a great question, I haven’t used any electronic things like that for that reason! I print everything out and do paper receipts only, it’s the best way i’ve been able to keep track

Great information

What about online receipts do you print those or how do you add your online purchases

@WholyHair

4 жыл бұрын

Sarah Orozco I will either print them out or write them down on a sheet of paper and keep it with all the other receipts

Would you recommend this for stylists who rent a chair in a salon?

@WholyHair

4 жыл бұрын

Samantha D it depends on if you file as a 1099 or W2. If you file as 1099 than yes

Hi taxes have changed so much in the last couple of years could you possibly do an update on this video this was very helpful at the time but things have changed.

@WholyHair

Жыл бұрын

very true, i’ve thought about doing an updated one! i’ve been so busy lately, but i’ll try!!

so helpful thank you!

Thank you. Will this work for me as a barber. I pay booth rent every week .?

@WholyHair

3 жыл бұрын

yes!!

Helpful thank you

thank you very helpful

What about the expenses for your salon you order on Amazon? Or anything online. How do you keep track of those 🤔

@WholyHair

3 жыл бұрын

it’s annoying but amazon doesn’t send recipes so at the end of the year I go through my past purchases and add them up individually and add them to my expenses

QuickBooks helps a lot also

Wowwwwwww life saverrrrrrrrrrrrrrrr omgggggggg

@WholyHair

2 жыл бұрын

💗

Thank you!!

I was told by my accountant that writing off cc processing fees is non factor as the fees are automatically deducted from your profit prior to your credit card processor making deposits into your bank account ( at least this is how square works.)

Hi!! I have a question and really need help! So I don't own a salon/suite, I have a DBA and am a traveling hairstylist/MUA mainly doing weddings and 2021 was my first year in business and it's been going great! I opened in Sep so it hasn't even been a year yet however tax season is coming and I have some things to figure out. I've been bookkeeping expenses/income and will have my uncle help me file everything but I was just wondering if you knew what would be better for car write offs, I'm not sure if I should go by miles or car payment/insurance/expenses. I'm not even sure if I can do that, hopefully you know and can help!! That was my only question but other than that loved this video and your background is awesome! Love the Jesus vibes haha! xo

I wonder if you could also add daycare

Thank you!

Are you able to file quarterly as a independent contractor making commission?

Do barbers who earn 65% commission on their work get to write off the 35% they pay the shop?

@WholyHair

Ай бұрын

@@Ghosttowndelivery if they’re getting commission they would probably be a w-2 employee which doesn’t get any write offs

Thank you so much for this. I’m about to open up my salon suite and I’m trying to figure out the business portion. Do you have to use your business debit card to buy expenses to do write offs or can I use any debit card and save the receipts?

@WholyHair

11 ай бұрын

I like to use my business debit so I keep things separate, I also have a business credit card for points!

@JustMeKortne

11 ай бұрын

Gotcha. What if you don’t have all of the funds to purchase all of the supplies up front, if you are just starting out with no income from clients? Do you just use your business credit card? I’m sorry for all the questions lol

@WholyHair

11 ай бұрын

@@JustMeKortne yes, you can use the credit card, but I would recommend saving up before you go off on your own. it’s not great to start out with debt

This was so helpful!! Do you write everything down like this when you pay quarterly taxes?

@WholyHair

2 жыл бұрын

yes! and I print off the receipts too

jotted down some notes predicate the help!

If you’re a w2 commission employee and have to provide your own color and tools how would you go about this come tax season?

@WholyHair

2 жыл бұрын

all your expenses should be able to be a tax write off, but I would ask the person filing your taxes

My price tags usually fade by the end of the year?

Do you have a phone that you use specifically for work? I was told that I couldn't write off my phone bill because it's used for personal use as well & it couldn't be divided as to how much of my business was actually done on the phone.

@WholyHair

2 жыл бұрын

I dont have one just for work, but maybe see if you could write off a portion of it?

Please don’t ever delete your videos/channel!!!

What do you mean by credit card fees? Are you talking about your credit card bill that you used for personal use like eating out and stuff? Or the fee of the card itself ?

@WholyHair

3 жыл бұрын

when I swipe someone’s card at the salon with my credit card reader there is a fee i am charged per swipe.

@2222hasib

3 жыл бұрын

@@WholyHair ohhh I see. I have a similar situation. Our booking app takes a processing fee of 2.7% for every card or prepaid appt. How do you list this as an expense on your card? Because it’s not you that is actually swiping your own card, it’s the clients right? If you can please explain this situation in depth, I’d really appreciate it! Your video was very very very informal. Thank you for replying

@WholyHair

3 жыл бұрын

@@2222hasib at the end of the year my software system tells me a total of how much I was charged in credit card processing fees so it makes it easy! maybe see if you can find out in the settings

Read Income Tax Shattering the Myth. If you live in one of the fifty states just making a living, you are swearing on these forms that you operate out of DC and surrounding islands. You are also filing class 2 forms (gift and donations). The IRS LOVES you for donating.

Thank you, can you tell me you paid $4000 out of how much making???

@WholyHair

2 жыл бұрын

my first year out on my own I had a lot of expenses opening my studio, but I don’t remember exactly how much I made

If I just sell wigs does this apply

this was was so helpful thank you!

@WholyHair

2 жыл бұрын

So glad it was helpful!

Um...if you are renting a suite or booth you are not an independent contractor who would use a 1099. You are a self-employed business owner & most likely would use a Schedule C.

Good

Do you have to file taxes on the food and clothes you buy for your home

@WholyHair

Жыл бұрын

no, only the things related to the business

🔥🔥🔥🔥🔥

Do you have a separate bank account for all hair/salon stuff separate form your personal banking??

@WholyHair

3 жыл бұрын

yes! I set up a business debit account

Do you have to have a business license and a salon license or are they the same thing

@WholyHair

2 жыл бұрын

you dont need a business license to operate in the state I live in but obvi need a cos license to have a suite

❤️❤️❤️

Have you ever tried using just bank statements to find everything? I lost a lot of receipts

@WholyHair

3 жыл бұрын

the bank statements usually don't always go back a full year, I like to have hard copies but thats just my preference!

Do you still use quickbooks? Or does vagaro suffice?

@WholyHair

3 жыл бұрын

I just use Vagaro to track all my transactions, but I use an accountant to file

Do you give your tax lady all of the receipts or just the totals on the paper?

@WholyHair

2 жыл бұрын

just the totals!

My bill was $8906 but my accountant told me $7000 and I just don’t understand either one

so i don’t have receipts but i have my bank statements

@WholyHair

2 жыл бұрын

that’s okay, but receipts are best to have a hard copy! some bank statements only go back so far. plus sometimes you may pay in cash

Can you write off insurance?

@WholyHair

3 жыл бұрын

yes, some insurance you can. you’ll have to ask the person who files for you

So you prayed for organizational and tax skills

@Realityof76

3 жыл бұрын

No, if you pay attention she prayed because she didn’t know what she was going to do about having to pay 12,000 in taxes at the end of the year. The next day she found over 6,000 in extra receipts she was able to write off that she didn’t otherwise have BEFORE God answered her prayer! So that left her with only having to pay 4,000! That’s what she prayed for! He provided. 💥🙌🏼💥💰

I save everything into my stride-app...check it out...is a app that allows you to save receipts & miles & then i just print it out for my CPA but if you can do your taxes alone for your self then more power to you