There are pros and cons to being both an employee and a business owner. As an employee, you receive a paycheck each pay period and your taxes are calculated, withheld and paid to the government on your behalf. When you’re a business owner, those responsibilities fall on your shoulders.
Salon Iris offers an affordable platform that streamlines your salon's website, client booking, marketing and point of sale software all in one place. When you're running your business, you need reliable reporting that helps you document your receipts, pay your tax liabilities and evaluate your progress. This is why we recommend Salon Iris to our clients.
RENTAL INCOME ACCOUNTING TIP: Use your POS system to capture all of your revenue streams. This includes service income, product sales and rental income. Click here to watch a video that teaches you how to use Salon Iris to record your rental income and track your rental agreements.
You can try Salon Iris for FREE by signing up for a two week trial. Use promo code TAX DUCHESS to receive 50% off your first 2 months when you sign up for a Salon Iris subscription.
Approximately 34% of hair stylists in America are self-employed, required by the IRS to maintain business records and pay self-employment tax. Keeping good business records also provides salon professionals with the financial visibility necessary to monitor their business progress and set future goals.