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The deadline to submit your federal tax return as an individual is May 17, 2021. This means there is not much more time to prepare your taxes, so our friends at Behind The Chair shared a few helpful tips to make sure hairstylists and barbers take advantage of as many write-offs as possible!
Disclaimer: We are sharing this info to be helpful, but we are not certified CPAs or tax attorneys. Use this info to discuss and analyze your own tax situation with a professional tax preparer.
Using your vehicle to run work-related errands, like buying supplies or driving to classes? You can deduct the mileage at a rate of 56 centers per mile. This also goes for travel to and from clients on location. This deduction applies to small business owners and the self-employed. But remember—you can’t count the miles you drive to and from your salon or suite in mileage. That’s just a regular commute and won’t be a valid deduction.
You can deduct the cost of supplies you use in your daily business, as long as you would use those supplies within one year of purchase. So make sure you are keeping careful track of how much color you buy so you can deduct it!
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