If this was a movie, this is the part where the ominous music would play. You know, the part where you know something bad is going to happen, even though you’re not quite sure what.
We’ll give you a hint about the “what” that’s coming for you.
It’s tax season, barber friends.
Now you see why we felt the need to include the ominous music, right?
In all seriousness, it is tax season, and that does mean that, as a professional, you need to make sure you’ve got your bases covered before it’s time to file.
So, we’ll ask you: Where are you in your tax filing process?
Whether you’re nowhere near starting or you’re almost done (or you think you are, anyway), this blog is the perfect starting point for all your tax things.
Why? Because it’s specifically going to offer up some must-have advice to ensure you get this thing done–and done right.
Are we going to do your taxes for you? No way. But that doesn’t mean these tips won’t take your taxes, simplify them, and help you file on time. So, what are you waiting for–that tax deadline is coming up fast.
Must-Have Tax Season Advice for Barbers to Simplify Tax Filing
Be Aware of Deadlines
This might sound like a cop-out piece of advice but trust us when we say these deadlines hit like a freight train.
Maybe if your entire job was to focus on taxes (like, you know, a CPA), these deadlines wouldn’t be so good at stealthily sneaking up on you. But here’s the deal–you have a full-time job.
You’re a barber, damnit, and a good one at that–in the middle of running your business, handling your clients, invoicing, marketing, cleaning, hiring, firing, and everything else, you’ve got to get your taxes done.
We’re not going to pretend that’s not a lot to ask of you.
Our advice? Make sure that the tax deadline is on your phone, on your calendar, hanging up in your house, and posted in your office.
You need to be aware of that deadline lest you be subject to late fees, fines, and more money out the window.
Do not–we repeat–do not wait until the last minute to file your taxes if you can avoid it.
Remember that long list of stuff we laid out a few paragraphs ago that described all your responsibilities?
We know that wasn’t even the start of the list.
You’ve got a lot going on, and you need to make sure everything gets done, taxes included. There’s only one way to ensure your taxes don’t make all your other responsibilities suffer, starting early.
Plus, these types of things usually go hand-in-hand with roadblocks that take help and assistance to resolve. Do you really want to be scrambling to get your issues resolved two days before your taxes are due? We think not.
Hire Someone if it’s Needed
Listen, you wouldn’t advise someone with minimal experience cutting hair to give themselves the perfect fade, right?
You’d tell them (hopefully) anyway to find a barber they trust until they’re experienced enough to do it themselves.
Or you’d tell them to keep that barber on lock and never worry about giving themselves a fade since that’s not their strong suit.
Honestly, the same goes with taxes. You didn’t go to school to become a CPA; you trained to become a barber (unless you’re a CPA-turned barber, and that’s totally possible). There is no harm in hiring a tax professional to help you handle your business and personal taxes.
We’d argue that this business expense is more helpful than it could ever be harmful.
A professional can get you all the right deductions, save you money, and most importantly, ensure you’re doing your taxes correctly to help you avoid fees, penalties, and legal issues.
Be Aware of Business Expenses & Common Deductions–And Include Them
Taxes are hard, let’s face it. But that doesn’t mean there can’t be some silver linings. Those linings? We call them deductions.
The fact of the matter is, there are expenses that come with running your own business and leading the charge on your career, and there are deductions, too. These can include things like:
Business tools (Internet services, shop software, website & hosting fees, office phone)
Shop supplies (products, hair care items, cleaning tools, uniforms, clothing, etc.)
Professional additions (licensing, continuing education, legal services, liability insurance, seminars, publications, expos, etc.)
Equipment (all barber tools, chairs, sinks, computers, etc.)
Travel (mileage, food, lodging, car rental, tolls, parking)
And more (advertising, marketing, entertainment, meals, charity, donations, gifts)
P.S. This might include your professional liability insurance–talk to your tax professional to make sure it does.
So, tell us: did you find this tax advice helpful? We sure hope so. Remember, at the end of the day, doing your taxes right and on time are the big sticking points. That means if you need to hire someone to help, you should do it–that’s our takeaway, anyway.
Are you looking for more helpful advice for your career, running your business, and assisting your clients? This blog is the place to do it. Subscribe to NAOB to ensure you never run out of insight, tips, tricks, and advice that take your business further.