top of page

The Lash Tax

Writer's picture: Jocelyn Chavarria Jocelyn Chavarria

Hey Lash Babe, filing for taxes is just around the corner, and as a professional Lash Artist, it is

essential to understand the importance of filing taxes when having a new lash business. Filing taxes is not just a legal obligation but also a way to keep your business finances organized, and avoid any legal issues in the future. In this newsletter, we will discuss why it is important to file taxes, what form you will need to fill out to file your taxes, the amount of money that you need to start reporting, the different types of deductions you can add as a lash tech, the consequences of not filing taxes in the state of California, and the importance of bookkeeping.


Why it is important to file taxes.

Filing taxes is not only a legal obligation but it also helps you keep track of your business

finances. When you file taxes, you can keep track of your income and expenses, which will help you make informed business decisions. Additionally, filing taxes can help you save money by taking advantage of tax deductions, which can reduce your tax liability.


What form you will need to fill out to file your taxes

As a Lash Artist, you will need to file taxes using the Schedule C (Form 1040), which is used to report income or loss from a business. This form will allow you to report your income and expenses and calculate your net profit or loss.


The amount of money that you need to start reporting at?

The Internal Revenue Service (IRS) requires you to report all income, regardless of the amount. This means that even if you make a small amount of money from your lash business, you are still required to report it on your taxes. It is important to keep track of all income and expenses throughout the year to ensure accurate reporting.


Different types of deductions you can add as a lash tech

As a Lash Artist, there are several tax deductions that you can take advantage of to reduce your tax liability. Some of the deductions you can add as a lash tech include:


Supplies: You can deduct the cost of supplies used for your lash business, such as adhesives, tweezers, and lashes.


Equipment: If you purchase equipment for your lash business, such as a lash bed or a magnifying lamp, you can deduct the cost of the equipment.


Home office: If you have a designated workspace in your home that you use for your lash business, you may be able to deduct a portion of your home expenses, such as rent or mortgage interest, property taxes, and utilities.


Marketing and advertising: You can deduct the cost of marketing and advertising your lash business, such as business cards, flyers, and online ads.


Education and training: If you take classes or attend training to improve your lash skills, you can deduct the cost of the education and training.


Consequences of not filing taxes in the State of California


Not filing taxes in the state of California can result in serious consequences. If you fail to file taxes or underreport your income, you may face penalties and interest charges. Additionally, the IRS may audit your business, which can be time-consuming and costly. Filing your taxes on time and accurately is important to avoid these consequences.



 

Disclaimer:

We are not tax professionals the information provided on this platform, including any responses or suggestions given, is not intended to serve as professional tax advice. We strive to offer helpful and accurate information, but we cannot guarantee its applicability or reliability to your specific tax situation. Therefore, it is crucial to consult with a qualified tax professional or certified accountant regarding your individual or business tax matters. While we make reasonable efforts to ensure the information provided is up-to-date and accurate at the time of writing, tax laws and regulations are subject to change. Therefore, it is essential to verify the information with the appropriate authorities or seek professional advice that is current and tailored to your circumstances. The content provided here is for general informational purposes only and should not be relied upon as a substitute for professional tax guidance. We disclaim any liability for actions taken or not taken based on the information provided on this platform. Please be aware that individual tax situations can vary significantly, and the advice that may be applicable to one person or entity may not be relevant or suitable for another. It is crucial to consider your unique circumstances and consult with a qualified tax professional who can provide personalized advice. By using this platform, you acknowledge and agree that we are not tax professionals, and any reliance on the information provided is at your own risk. We strongly encourage you to seek professional assistance for your tax-related matters. Remember that tax-related decisions can have significant financial and legal implications. Therefore, it is always prudent to consult a qualified tax professional to ensure compliance with relevant laws and regulations and to address your specific needs and concerns.

3 views0 comments

Commentaires


bottom of page