Erica Seppala

If you are self-employed, you are still responsible for paying taxes. However, your taxes won’t be automatically deducted every time a client pays you.
Instead, you will be required to file additional forms with your annual tax return and pay any taxes owed. In some cases, you may be required to estimate your tax liability and pay taxes every quarter.

Filing small business taxes for the first time can be intimidating. But with careful preparation, you can save time, reduce stress, and potentially save money by lowering your tax liability.

Small business taxes may include federal and state income taxes, payroll taxes, excise taxes, and self-employment taxes. Tax funds are then used by federal, state, and local governments to pay for programs such as Medicare and Medicaid, Social Security, and public schools.

You’ve decided to cash in on accelerated depreciation with cost segregation, but what are your next steps once the study is complete? How you claim this depreciation varies based on whether the study was completed the same year you purchased the property or if you had a look-back study performed later. 

If you own a rental property (or several), there are several write-offs that you can deduct to lower your tax bill. This includes everything from mortgage interest and homeowner’s insurance premiums to the money you pay toward utilities, repairs, and employee wages.

Rental property depreciation allows property owners to write off the costs of purchasing and improving rental property on their income tax returns. Typically, a rental property depreciates at a rate of about 3.6% per year for 27.5 years. Depreciation begins after the property is available to rent.

There are many reasons you need a salon-specific POS system. Those POS systems may include every feature your salon, spa, or other service-based business needs — they are designed with your industry in mind. Others, however, might be close to perfect but don’t offer some of the built-in features you want. This is where POS integrations come in.

You (and your employees) need specific tools to be successful and help your customers leave feeling satisfied. Save yourself time, money, and energy by improving your customer retention and reducing your employee turnover with a salon-specific POS system.

Bonus depreciation is a tax incentive that allows businesses to write off a large percentage of the cost of an asset in the first year it’s placed into service. In 2024, 60% of the cost of qualified property can be written off in the first year it’s placed in service.

The best point of sale systems for bars, nightclubs, breweries, and pubs will have bar-specific software integrations, ample hardware options, low payment processing fees, and give you a choice of payment processor.