For those of you who didn't attend my last Atlanta Makeup Meetup, I didn't want you all to miss out on the super valuable information that we received. Buffie The Tax Heiress, a well-recommended accountant to many MUAs and fellow entrepreneurs gave us some great tax tips for us small business owners. Check out my recap!
Taxes can get tricky, especially for those of us who are self-employed or have multiple ventures. For example, I currently work full time in corporate america, work as a freelance MUA, work as a blogger, and also on the board of a non-profit. Yikes, that's a lot. Buffie's presentation definitely cleared things up.
I decided to take a few highlights/tips from the presentation that you might find the most useful. Here goes!
- Set up an LLC Online to protect your personal assets from liability from your business - i.e. someone sues you as a MUA because of a skin reaction. Set up an LLC online at http://sos.ga.gov for each of your businesses - i.e. i'd do one for blog and one for makeup artistry
- Next, get an EIN or Employee Identfiication Number for your business - similar to a social security number. Apply online at www.irs.gov
- Segregate your personal life from your business - Open a business checking account, get a business credit card, don't comingle expenses, and pay yourself a living wage from your business
- Pay estimated tax payments on a quarterly basis
- What can you deduct? Ordinary and necessary expenses - i.e. kit, makeup, makeup, tools, protective gear, advertising, professional mags, continuuing education, business mileage, meals, credit card processing fees, website, travel, home office, health insurance, subcontractors
- Track your mileage/expenses via her heiress2go mobile app - download the TaxPocket app from the Google Play Store or AppleApp Store - choose buffie purselle as your tax pro - ID: 78026. You'll be able to track mileage using gps, take pics of receipts, track business expenses, and see a nifty tax calendar with reminders.
If you're in Atlanta/Georgia area, Buffie is also available to serve clients. You can contact her at www.taxheiress.com , email@example.com
Good luck with this year's taxes everyone! Don't forget to sign up for our next Atlanta Makeup Meetup - Brows and Lashes!