Glow Up Your Finances: A Makeup Artist’s Guide to Navigating Tax Season
Attention makeup artists! Tax season is upon us, and it’s important to know how to file your taxes properly as a self-employed makeup artist. Even if you only do makeup as a side-hustle, it’s crucial to stay on top of your taxes to avoid potential penalties and fees. Here are some tips to help you out:
Keep detailed records of all your income, including invoices. As a self-employed makeup artist, you need to report all of your income on your tax return. Keeping detailed records of your income, such as invoices, will help ensure you don’t miss anything when filing your taxes.
Keep detailed records of your expenses. To maximize your deductions, it’s essential to keep track of your expenses. By keeping detailed records of your expenses, you can identify which ones are deductible and potentially lower your tax bill.
Consider forming an LLC. As a makeup artist, forming a limited liability company (LLC) can provide several benefits, including liability protection, potential tax advantages, and easier access to business loans and credit. An LLC also makes it easier to separate your personal and business finances and keep your business finances in order.
Identify your deductible expenses. As a self-employed makeup artist, you may be eligible to deduct a variety of business expenses on your tax return.
Here are some you may be able to take advantage of:
Makeup products – foundations, eyeshadows, etc
Supplies – brushes, sponges, etc
Travel – airfare, hotel, etc
Meals – business meetings with clients
Education and training – workshops, courses, etc
Rent – studio rentals, etc
Internet Wifi, etc
Music Subscription Apps – you’re entertaining your customers while you beat their face
% of your Rent, Mortgage, Utilities – if you service customers at home
The cost of hiring a Tax Pro
Work with a tax pro who understands the makeup artist industry. Hiring a tax strategist who specializes in the makeup artist industry can help you maximize your deductions, optimize your taxes, and stay compliant. They can help you identify which deductions you can take advantage of, and ensure you’re taking advantage of every possible tax break.
Here are some helpful tools:
MileIQ: This mobile app helps you track your business mileage, which can be an important deduction for self-employed individuals. The app automatically tracks and logs your trips, making it easy to report your mileage on your tax return.
Wave Accounting: This is a free accounting software designed for small businesses and self-employed individuals. It offers invoicing, expense tracking, and accounting features, and can help you manage your finances and prepare for tax season. It also integrates with popular payment processors like PayPal and Stripe, allowing you to easily receive payments from clients.
FreshBooks: Another online accounting software that can help makeup artists manage their finances. FreshBooks offers time tracking, invoicing, and expense tracking features that can help you stay on top of your finances.
Take a Course!
If you want to feel more confident about filing your taxes as a self-employed makeup artist, I highly recommend checking out my courses: “How to File Taxes as Self-Employed” and “How to Prepare Your Schedule C.”
My courses are designed specifically for self-employed individuals and cover all the essential topics you need to know to file your taxes accurately. By taking my courses, you can gain valuable knowledge and skills that can help you save time, money, and headaches during tax season. You’ll also learn tips and strategies to help you maximize your deductions and lower your tax bill, which can be especially beneficial for makeup artists who often have a wide range of expenses.
In addition, my courses are designed to be accessible and easy to understand, even if you have no previous experience with taxes or accounting. I provide step-by-step guidance and examples, so you can feel confident in your ability to file your taxes and prepare your Schedule C.
In conclusion, filing your taxes as a self-employed makeup artist can seem overwhelming, but it doesn’t have to be. By staying organized, identifying your deductible expenses, and/or working with a tax strategist who understands the makeup artist industry, you can ensure you’re taking advantage of every possible tax break and avoid potential penalties and fees. If you need help,I service makeup artist entrepreneurs, small business owners, and other self-employed entrepreneurs across the U.S.
I’m Ktasha (“Tasha”), a seasoned expert in small business management and taxes. My expertise lies in supporting small business owners and self-employed individuals like you with tax management and overall business operations. I understand how challenging it can be to keep everything organized and running smoothly when you’re focusing on running your business. That’s why I’m here to help take the weight off your shoulders. I offer tailored service packages, as well as consultation and coaching services, to help simplify your business affairs and reduce stress. Whether you’re an experienced entrepreneur or new to the game, I’m here to help you navigate the complexities of business ownership and operations with ease.