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Everyone talks about the benefits of a LLC when you're an independent barber, braider or hair stylist, but do you know why? In this episode I lay out the 3 questions you need to ask yourself when you're just getting started or when you're experiencing some growth as it pertains to business entities: Question #1: How do you want to be paid? Question #2: How do you want to be taxed? Question #3: What am I liable for? Like this? Please like and subscribe to my channel. Want to get coaching or accounting services by me, visit my website: https//www.moneysavvyceo.com DM me on Instagram at: https://www.instagram.com/themoneysavvyceo/ ===== ABOUT JENN ===== Jenn Drewbie is a serial entrepreneur in the hair industry having started multiple companies: Hair product importer/distributor/retailer Hair Salon Owner Hair Salon Consulting After leaving the hair industry she went into IT as a business systems analyst where she discovered her passion for finances. She studied and became a licensed small business tax expert and started an accounting and business firm to help entrepreneurs in the hair industry navigate the business and financial world.
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I had the chance to meet up with the Barber of the Athletes himself (IG: canesbarber) at BuzzBoxx's first annual BuzzBasel as part of the 2021 Art Basel in Miami. Stevie gave me a tour of his luxury barbershop on wheels where you can't help but to feel like you've stepped into something magical with pictures and signatures of football athletes surrounding you. In my short conversation with Stevie he shares the story of how he got the Sprinter Van during the pandemic with the help of his good friend and client Denver Broncos QB Teddy Bridgewater. Stevie also talks about how barbering wasn't his career of choice and how character and being a good person can land you in places you never thought you'd be - can't wait to sit down with him for a full episode.
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For business owners, there are two tax seasons you need to be aware of: 1. The tax payment season (year round) 2. The tax filing season (Feb - April) There are 5 general federal business taxes: 1. Income Tax 2. Self-Employment Tax 3. Estimated Tax 4. Employment Tax 5. Excise Tax In this episode, I give you my list of what you need to have when you file your annual taxes.
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In Episode 5 of Money Savvy CEO, I sit down and talk to commission hair stylist Kmari Aaliyah about how she got into doing hair, time management, and a little bit about what it means to be a business owner behind the chair working in a commission salon. This was my very first interview and the camera cut off before the interview ended, so my apologies for the abrupt ending....I'll have to have Kmari Aaliyah return so we can capture the other parts of her interview where we dive deeper into the responsibilities that go along with being a 1099 commission hair stylist.
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Paying estimated taxes can be a little confusing so I break down exactly how to determine how much you need to pay in Federal taxes quarterly. The example I use takes a barber estimating he'll make $90,000 a year. Step 1: Estimate Self Employment tax Using the example: $90,000 x 92.35% = $87,115 $87,115 x 15.3% = $12,716.59 Step 2: Determine taxable income Step 3: Calculate Income Tax Step 4: Add Self Employment tax and Income tax Step 5: Divide estimated annual tax by 4
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If you're a hair stylist with an assistant, you'll want to make sure you're classifying them correctly for whether they're an independent contractor or employee. The IRS looks at three different things to determine whether someone is an employee or not:
Behavior Control
Financial Control
Relationship
Classifying your assistant correctly and keeps you out of trouble with the IRS and will help you record the business expense correctly for tax purposes.
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Self-employed hair professionals (barbers, hair stylists, braiders, lash techs, etc.) who want to put themselves on payroll should do it the right way to avoid paying more in taxes. A lot of people just sign-up for a 3rd party payroll service to have their LLC pay them, but unless you request the S-Corp status, you'll be paying more in taxes. In this video I break down how taxes work when you're a regular LLC (disregarded entity) or an LLC taxed as an S-Corp. In the second half of the video I walk through how to fill out the Tax Form 2553 which is the form you have to complete and send to the IRS when you want to start paying yourself on payroll.
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Ep. 2 - Money Hassles being a 1099-Contractor with Parris Celestine - Money Savvy CEO
In today's episode I sit down with my cousin Parris as we discuss his love/hate relationship with being a 1099-Contractor for the first time in his life after being a W-2 employee since college.
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I was a serial entrepreneur in the hair industry - importer, distributor, retailer, manufacturer, marketing agency and hair salon owner - but had no clue what I was doing when it came to the money.
It wasn't until I tried buying a house that I realized I had been doing everything wrong all along. So I got a job in IT as a Business Systems Analyst in the Financial sector and for the first time ever, learn about financial and tax systems. All that time as a CEO, I was doing the money put all wrong.
So I started the Money Savvy CEO podcast to share with other CEOs what I've learned since becoming a licensed tax specialist and financial coach.
For show notes and more information, visit: https://www.moneysavvyceo.com/podcast
Find me on IG: @theMoneySavvyC
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Have you ever felt confused about Federal Taxes as a self-employed business owner? In this episode, understand the difference between Federal Taxes when you work for someone else vs when you're self-employed and responsible for Federal Taxes on your own.
"No one in their right mind likes to pay taxes, but it's necessary." So check out this episode and understand what you're responsible for as a business owner.
Join me on IG for more: @themoneysavvyceo
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Being told to have a separate business bank account from your personal account is one of the first things you’re ever told when starting a business. And even though everyone’s heard it, not everyone is doing it. I have a self-employed barber I’m working with now who went through my ‘B2P Wealth’ Course and while he finally started his separate business checking accounts (woohoo) he needed the last 3 years cleaned-up because his money from barbering was going directly into his personal bank account.
So, for those of you who are running your business from your personal bank account, here are 5 reasons why you should separate them today:
#1. Ability to have clarity on income the business is generating
#2. Ability to project cash flow by looking at similar months in the past
#3. Ability to avoid overspending when buying personal items
#4. Ability to establish a clear audit trail in case you’re ever in an audit
#5. Ability to generate financial statements
During the show I also came up with another reason, so I actually had 6 instead of 5 reasons:
#6. Ability to file taxes easily without separating personal items from business expenses
I hope these reasons encourage you to finally take the leap and open that business bank account you’ve been meaning to open.
For the video version of this, check out the blog: https://www.moneysavvybarberstylist.com/blog/5-reasons-every-barber-and-hair-stylist-should-have-a-business-bank-account
