2025 Tax Changes Every Barber Needs to Know Pt.2

Episode Transcript

(00:00):
2025 tax changes.

(00:01):
Every barber needs to know parttwo.
We're not here to discuss thepresidential election.
Instead, we're here to discussthe potential tax implications
and result of the election.
With Trump's recent election,when major tax changes are
coming, that could put moremoney in your pocket and help
you achieve your dreams of shopownership, real estate
investment, or finally gettingout from behind the chair.
So 2025 changes mean for you.

(00:24):
Tips are going legit.
Trump's proposing to make tipsofficially tax exempt.
Now let's be real.
Many barbers have been selectiveabout reporting tips, but with
this proposal, you can legallykeep 100 percent of your tips
and use that documented incometo qualify for mortgages to
business loans and credit cards.
Think about it.
All those 20 bills you receivefor your craft.

(00:47):
They could soon be 100 percentyours to keep.
This isn't just about keepingmore money, though.
It's about building legitimatewealth and accessing the
financial system that buildsempires.
Your family's future.
do you got kids the proposedincrease in the child tax credit
from 2, 000 to 5, 000 per childis like getting an interest free
loan from Uncle Sam to invest inyour future.

(01:09):
That's money you could use toput a down payment on your dream
shop location, invest in highend equipment that sets you
apart, start your real estateportfolio or fund your
children's education.
Establishing or expanding yourbusiness.
The tax cuts and jobs actsextension means you'll keep
enjoying lower tax rates.
Indefinitely for barbersoperating or tax as sole

(01:31):
proprietors, LLCs, S corps orpartnerships.
This is like getting a permanentraise.
Get this when the tax cuts andjobs act was first introduced
into the American economy, fiveguys that burger joint, it grew
from one burger spot to over1500 locations.
And they consider the tax cutsand jobs act as one of the main

(01:53):
drivers to their success.
My question is, could that beyou?
All right, so quick warningequipment costs might rise.
New tariffs could make importedtools and equipment more
expensive, but take a note fromtarget.
You see, they survived andthrive during the last time this
happened by stocking up earlyand stocking up smartly.

(02:14):
So I want you to take a pagefrom their playbook and plan
your equipment purchasesstrategically.
So what's your next move?
I want you to start trackingyour tips meticulously.
Trust me, you'll thank me whenthese changes kick in.
I want you to make sure that youat the very least have an LLC
established.
I want you to buildrelationships with equipment
suppliers now.
To lock in current pricesremember, the most successful

(02:37):
barbers aren't just great withclippers.
They're smart with their money.
These tax changes are your toolsfor building the future you
want.
The choice is yours, but theclock is ticking.
Don't let the IRS give you ahaircut you can't style your way
out of.
It's your move, boss.