TAX SEASON TIPS FOR EYELASH EXTENSION ARTISTS AND BEAUTY PROFESSIONALS

It is that time of year again, Tax season is here.

As a self employed lash designer or beauty professional you enjoy many freedoms and being able to deduct business expenses from your income however you are responsible for tracking, managing your financial records and filing your taxes

For most entrepreneurs, sole proprietors, self-employed professionals, and small business owners, you must file your return by June 15, 2022. There are the HST portion and income tax portion

Organizing your expenses into these categories will help you as a sole proprietor in Canada:

• Income
• Payroll
• Advertising and marketing
• Postage and Delivery
• Business memberships and subscriptions
• Computer Equipment and furniture
• Office Supplies
• Materials and tools
• Meals
• Client gifts
• Cellphone
• Taxi and Parking
• Interest and Bank Charges
• Car payments
• Car repairs and maintenance
• Car gas
• Car insurance
• Health
• Travel
• Mortgage/ rent
• business mortgage/ rent
• Courses and Education/certification
• Bills(Hydro, Heat, mortgage/rent, Internet, cable etc, Property tax, home insurance, other fees)

Other information you will need may be:

• Car make, model and year.
• business km driven vs total km driven
• If you are home based and use a part of your home as your office you will need the total square footage of the home vs the office square footage used for business

download an expense tracker here to help you organize your expenses and prepare for tax season 

Links: 

https://www.canada.ca/en/services/taxes.html

**** NOT ACCOUNTANTS OR FINANCIAL EXPERTS****