Salon Business
Learn tips, tricks and business recommendations from our top salon professionals.
12.22.2021
Tips for Invoices and Taxes
Tips for Invoices and Taxes
As you might know, Wella is in the process of becoming a fully independent company once again, and as a result, your** previous invoices will no longer be available, so be sure to download them before January 27th, 2022.**
NEW INVOICE DESIGN
After February 1st, 2022, new orders placed with Wella will see the invoice look slightly different from what you have been receiving previously. The Wella Logo will replace the COTY logo.
Learn how to download your current invoices from your profile in the videos below. You can also reference your original invoices, automatically sent to your registered email after each purchase.
HOW TO DOWNLOAD INVOICES – COMPUTER
HOW TO DOWNLOAD INVOICES – MOBILE
Being that invoices are an essential component of tax preparation for many business owners, keep reading to review our guide to tax filing for salon professionals below.
OUR SALON PROFESSIONAL TAX SEASON TIPS
#1 Tip
- Taxes are complicated and confusing! Be sure to get the advice of a qualified tax professional.
United States of America Tax Day is April 18th, 2022
- Provide yourself with enough time to maximize your deductions.
Know your Employment Status
It is essential to understand your employment status to prepare for your tax deductions.
- Employees: Stylists are considered employees in the government’s eyes because they likely have filled out a Form W-4 and received Form W-2.
- Self-employed: You are most likely self-employed if you’re a salon owner. However, we recommend consulting with a tax professional to determine how you should file based on the formalities of your business structure.
- Independent contractors: If you have filled out a Form W-9 and have received Form 1099-NEC, you are likely considered an independent contractor. Your Wellastore invoices will likely become very handy to prepare your taxes correctly.
Other standard tax deductions to consider if you are filing as a businesses/business owner
- Advertising
- Car and truck expenses
- Commissions and fees
- Contract labor
- Employee benefit programs
- Insurance
- Interest
- Legal or professional services
- Office expenses
- Pensions or profit-sharing plans
- Rent or lease expenses
- Repairs and maintenance
- Supplies
- Taxes and licenses
- Travel and deductible meals
- Utilities
- Wages
Home Office Deduction
- This may be an option if you have a dedicated space to conduct business in your home.
Education Tax Deductions and Credits
- If you’re taking professional training to acquire or improve job skills to further your career as a stylist or barber, you may be able to qualify for Education Tax Deductions and Credits
Report Tip Income
- Employees should report their tip income to their employers, including it on their tax documents.
- Self-employed salon owners and independent contractors should include tips they receive in the income they report on their tax returns.
***As mentioned, our #1 tip is that taxes are complicated and confusing! Be sure to get the advice of a qualified tax professional.
***For most Canadians tax day (for the 2021 tax year) is on April 30, 2022. For those who are self-employed, or who have a spouse/partner who is self-employed, the deadline extends until June 15, 2022.
Taxes are Tricky – Coming End of January
Be sure to check back in January to catch our follow-up feature, including a video guide for more tips on filing taxes.
For more information on business education, we recommend contacting our partners at Qnity.
Reminder
***No shipments available January 27th, 2022 – February 6th, 2022
Wellastore.com will be offline and unable to accept orders from January 27th through February 6th. Wellastore.com will come back online on February 7th, 2022 ready to accept your orders, and shipments of those orders will be between February 7-14, 2022. For more information checkout our offline notice blog.
To ensure you have what you need during this time, we recommend stocking up on your essential items to avoid running short. Check out our stocking up blog to learn more about preparing for our offline period.
In closing, we would like to take this opportunity to thank you for your partnership and to reiterate again that we will be working closely with you to ensure a smooth transition. If you have any questions, please do not hesitate to reach out to our customer service team at 1-877-242-4551.