Does My Salon Need an EIN Number?

An employer identification number (EIN) is a nine-digit number assigned by the IRS. It's used to identify the tax accounts of employers and certain others who have no employees. The IRS uses the number to identify taxpayers who are required to file various business tax returns. So, Does My Salon Need An EIN? An [...]

By |2022-03-18T11:17:51+00:00March 18th, 2022|article|0 Comments

Salon Accounting Terminology

Throughout the course of owning your business, you're bound to come across the following accounting terms. By decoding these accounting terms, you will be able to understand the lingo that describes the state of your business. If you can understand the basics of these terms, you'll be able to focus on your business (hair) [...]

By |2022-03-18T11:03:15+00:00March 18th, 2022|article|0 Comments

Prison Time for Avoiding Paying Salon Taxes

The United States is one of the few countries in the world that has a federal income tax. This means that you must pay taxes, no matter where you live and work, and file your annual returns with the Internal Revenue Service (IRS). Tax evasion is the attempt to conceal money or information from the [...]

By |2022-03-18T11:01:27+00:00March 18th, 2022|article|0 Comments

6 Figure Salon – How to Make $100k+ In Your Salon

How would you like to make more than $100,000 a year hairdressing? If you are thinking that this is impossible, think again. It's possible and it does happen! Hair salon owners earn on average $53,150 per year including tips. The national accrediting commission of cosmetology arts and sciences reports the demand for hairdressers continues to [...]

By |2022-03-18T10:58:32+00:00March 18th, 2022|article|0 Comments

Salon Startup Expenses and Ongoing Expenses

If you're looking to start a hair salon, you won't need a lot of startup capital but the list of initial expenses can add up quickly. You could get a small loan from a bank or use personal funds to start your business to cover the initial expenses such as inventory, supplies and insurance. Some [...]

By |2022-03-18T10:55:39+00:00March 18th, 2022|article|0 Comments

Salon Profit and Loss Statement

Confused by all the financial statements and tax laws to keep your small salon business running? What's a P & L statement? The profit and loss statement is one of the most important financial documents of small business accounting. It includes the money we make (revenue), how much money we spend (expenses), and what [...]

By |2022-03-18T10:47:36+00:00March 18th, 2022|article|0 Comments

Car Tax Deduction: How Salon Small Businesses Can Take Advantage Of It

Your salon may have been missing out on an important tax deduction but it is tricky when you can take advantage of it. This article discusses how to calculate your deduction, what records to keep, and when it is applicable and not. When can you expense car mileage? Every small business owner wants to [...]

By |2022-03-18T10:46:12+00:00March 18th, 2022|article|0 Comments
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