Fun Financing

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Tip #1. Deduct your PPE

Corona anyone? As much as we’d like to say we’re referring to a refreshing, lime-dressed beverage, we’re actually talking about the 2+ year-long pandemic. As a small business owner who deals with customers, you’re likely to have to mask up.

Though it’s not a preferred way to see your clients, it has its silver lining, including the fact that every penny you spend is tax-deductible. That means masks, gloves, and face shields, even if you were using them previous to the pandemic.

Tip #2. Furniture + Equipment

Have you given your spa an upgrade lately? What about a new waxing area, new massage equipment, or even a new fancy water dispenser for your waiting room? No matter what it is, you can write it off. As a spa owner, it benefits you to spend money on these upgrades.

Just think, you get a good-looking beauty zone that you can write off as a business expense. Not only can you liven your place up, but you can also keep more of the money you earn in your pocket instead of paying taxes on it.

Tip #3. Advertising

Advertising is key to getting clients in the door, and thankfully a wonderful way to save money for your spa when it comes to tax time. The IRS gives businesses the ability to write off advertising because it drives business and gets clients in the door.

If you had a fun Valentine’s Day deal, a warming Christmas special, or just random package deals throughout the year, be sure to add them to the list of deductions.

Tip #4. The Power

Think back to the first time you ever saw your electric bill. You might have found out then that it takes quite a bit to run a spa. From lights to hairdryers to the internet, all of them need power, which is why you can deduct it from your taxes.

Be sure that you include everything, including your power, water, internet, and any other services that you provide.

Tip #5. Professional Expenses

As a business owner of any kind, you want to keep your business running smoothly. That includes things like your accounting, taxes, and even legal dealings like licensing and insurance.

All of these come with fees and make the perfect money saver during tax time. Make a list of all the pros that help you keep your business running like a well-oiled machine to ensure that you don’t miss a single one.

Streamline your Tax Filing

Now that you know how to save some dough for your spa, let’s take a look at how you can file your taxes more efficiently. In just a few steps, you can be on your way to a well-organized setup that will make tax time a breeze.

Step 1. Find the Right Fit

The right accountant can work wonders, so take time to find one. Search for someone that knows the business like the back of their hand and has a reputation for excellence.

Step 2. Keep the Record Straight

There is nothing worse at tax time than a business that doesn’t have its stuff together. Get organized and take steps to ensure that you have all the documents and records you need.

Step 3. Consider Filing Quarterly

Filing quarterly is an amazing option for business owners. It forces them to keep things straight and actually benefits them in the long run. Talk with your CPA and get on a plan to file taxes quarterly, keeping things in order and doing business as usual, fabulously.

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