Accounting and taxes for self-employed estheticians, nail techs, lash techs and more
Tax time can be stressful.
Especially if you are in your first year of business. If this part of your business freaks you out, call a professional! Self-employed estheticians, nail techs, lash techs are very capable of doing their own accounting and taxes. If you are a DIYer or need to save money and have the time available on your hands to do a little digging than keep reading.
This web page is intended solely for information purposes and no individual or another third party may rely upon it as tax or legal advice or use it for any other purpose. The content does not provide tax advice to any taxpayer and does not take into account any specific taxpayer’s facts and circumstances. Readers are encouraged to consult with professional advisors for advice concerning specific matters before making any decision or taking a position on any tax return.
How I manage my accounting and taxes
Accounting and taxes for self-employed estheticians can actually be pretty easy once you have everything prepared.
Waveapps is the accounting software that I use for my business. It’s free! (unless you buy some of the addons which, I never have) It’s easy and cloud-based. I sometimes refer to it as “Accounting for dummies”. And if you’re self-employed or home-based this accounting software is perfect for you!
If you need a little more direction or maybe some phone support another inexpensive option is Quickbooks. Quickbooks is popular among all types and sizes of business because it is easy to use and inexpensive. They also offer a lot of support in the form of webinars, tutorials and chat boxes. This is a great starting point for newbies
They have a fantastic Self-Employed option which is super inexpensive. QuickBooks Self-Employed connects to your bank so you can easily categorize income and expenses, capture and match receipts, send invoices, and automatically track mileage so you will be ready come tax time.
You can also have the ability to connect the apps you know and love with QuickBooks Online to keep your business running smoothly.
They also have a no-obligation test drive option so you can try it out before you invest your money!
What about income taxes?
Once you have your year of paperwork, Get your Turbo tax ready. Click on the link below to find the best program for you. TurboTax is also known to me as “Income tax for dummies”. It basically just walks you through the whole process by asking you questions.
When you are home-based, or self-employed you can fill out one return for your business and personal income tax. So, have all your personal information such as medical receipts or job t4 slips or anything else you would provide for your income tax return.
Watch the video because it explains it perfectly!
Also, I should mention that Turbo Tax has a great Refund policy!