Michelle Cook @smallbusinessCPA, an accountant specializing in the beauty industry, discusses the implications of the recently passed Big Beautiful Bill. The conversation covers new tax law changes that will significantly impact hairstylists and salon owners.
This Weeks Topics:
- Tips Deduction: A Game Changer for Beauty Professionals
- Who Benefits from the Tips Deduction?
- Cash Tips and Reporting Challenges
- Organizing Finances: The Importance of a Good System
- Best Platforms for Beauty Professionals
- Payroll Tax Credits for Salon Owners
- FICA Tip Credit: A Permanent Change for the Beauty Industry
- Bonus Depreciation: A Game Changer for Business Owners
- Qualified Business Income Deduction Explained
- Changes to 1099 Reporting Requirements
- Personal Tax Provisions for Beauty Professionals
- New Tax Deductions and Credits for 2025
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