No Monkey Business - We Talk about Taxes in the Nail Business
Рет қаралды 9,206
Күн бұрынOn today's Biz Talk Habib and Tracey talk about taxes in the nail business. They share their experience, what they've learned, and how to prepare for them.
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Young Nails manufactures the highest quality professional nail care products (acrylic, hard gel, gel polish, nail art, nail polish, nail accessories, nail files, etc) in the world. To learn the nail application in all of the forms - acrylic, gel, nail art, etc - watch our videos for extreme education. We offer nail education out of our Anaheim, CA facility. Contact us for details info@youngnails.com
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“How do two brothers get into the nail care business?” This is the single most common question people ask us. There’s a long and rocky version but we’ll give you the short one. We have our fearless and unconventional mother, Young Salo, to thank. With a single-minded entrepreneurial spirit, she decided to start her own business at the age of 49. She had a passion for the nail industry and we did everything in our power to support her. In the end, this is a family business.
Greg, the older brother, became a licensed nail technician after switching gears from fire fighter’s training. He is energy personified and has a true passion for developing the best professional nail care products and education. Habib is the younger brother. He jumped in a few years later; taking a detour from medical school and a life in music. He brings his own creative mind for business, marketing and strategy. Unexpectedly, we are a perfect team.
Today, more than 20 years later, Young Nails Inc., is a professional nail care manufacturing company exporting to over 40 countries worldwide and distributing domestically to over 3000 stores. We’re respected for our next-level product innovation and education. Our mission is to bring you the best quality products and we’ll show you how to use them with incredible results. It’s really that simple.
Welcome to the Young Nails family!
#howto #nailpros #nailtech #nailprofessionals #buisnesspodcast #nomonkeybusiness #taxes #nailbiz
@debbieforseth254 4 жыл бұрын
Use an accordion folder with 12 dividers. Put all receipts and items bought and money going out in the month. I saw my dad do this for his business my entire life, it worked for him. He paid quarterly taxes. #TEAMYN
@youngnailsinc 4 жыл бұрын
Nice
@unsaintedbeauty 4 жыл бұрын
This was awesome! Please put out a few more tax related videos!!💕💕💕
@youngnailsinc 4 жыл бұрын
❤️❤️
@cm_zunnav6293 4 жыл бұрын
A friend of mine has a credit card to buy everything that is deductible, a separate bank account to save a percentage of every check or pmt.
@youngnailsinc 4 жыл бұрын
Smart
@ritabnailedit 4 жыл бұрын
That’s the only thing that came to mind for me. Tax every Service and put the money up for taxes. I have and keep ALL receipts anyways. 🤗👌🏽. Thanks for confirming that.
@youngnailsinc 4 жыл бұрын
Smart
@LilCcLetHerSlapwthebassse 3 ай бұрын
More videos please on how to start up your business and have it running smoothly! Ty so much !
@youngnailsinc 3 ай бұрын
Thanks for the suggestion, we will let the team know.
@froggieiis 4 жыл бұрын
Omg yes PLEASE MORE TAX AND TAX RELATED ORGANIZATION
@youngnailsinc 4 жыл бұрын
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@shortyjjenkins22208 4 жыл бұрын
Thank you this tax season will be my first first year filing 1099. Scary but I think I’ll be ok. Your tips will help me from here on out. I’m reposting to share with my Nail Tech Friends in hopes that it’ll help them too.
@youngnailsinc 4 жыл бұрын
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@nailedbyed 4 жыл бұрын
YeS!!! The best advice is to get a CPA that deals with small business and has had some/alot experience with salons. Dont use HR BLock etc as they do not know "what is what" in the beauty industry..... There are so many deductions if you save EVERY receipt and itemize. (Some tax laws have changed --- some for good and some for the worse but deal with someone that has knowledge!)
@youngnailsinc 4 жыл бұрын
For sure
@kleesnailtreasures5494 4 жыл бұрын
Amazing talk. Love for these kind of videos to keep coming.
@youngnailsinc 4 жыл бұрын
❤️❤️
@LilCcLetHerSlapwthebassse 3 ай бұрын
Thank you so much so informative.
@youngnailsinc 3 ай бұрын
You're welcome! We hope you enjoyed this biz talk.
@carriefiddler4270 4 жыл бұрын
I started using the gloss genius booking app. It comes with a beautiful booking website and I can track all my business income and expenses along with pics of my receipts. I love it
@youngnailsinc 4 жыл бұрын
Nice
@xmun.6983 3 жыл бұрын
Where did you get the booking app? Apple store?
@carriefiddler4270 3 жыл бұрын
@@xmun.6983 on the google play store. If you use the link I just posted you'll get something like $30 in credit for the app or they can send it to you via a Visa gift card to send how you choose. You get a free 2 week trial first though
@sharicampbell9068 4 жыл бұрын
Exactly! Invest in yourself (education) or your product & equipnent or pay out more in taxes!
@youngnailsinc 4 жыл бұрын
Yup!
@stevetammyparenteau 4 жыл бұрын
My suggestion QUICKBOOKS they have a mobile app or desktop version. It's worth it
@youngnailsinc 4 жыл бұрын
Nice
@samdagostino8730 4 жыл бұрын
It's free with turbotax self-employed!
@Creativemadness13JC 4 жыл бұрын
This right here was awesome info, super helpful!! Appreciate you guys this is great preparation for me!!!💗🙏 Bless y'all!!
@youngnailsinc 4 жыл бұрын
❤️❤️
@christinepouliot6320 4 жыл бұрын
Great talk. Especially it’s that time of year coming up lol. I keep a shoe box lol and every receipt goes into it. I’m gonna check out that app. Thank you. I like the idea it categorizes it to make easier at the end.
@youngnailsinc 4 жыл бұрын
Totally
@yuliebahena5069 4 жыл бұрын
#teamyn Thank you so much. This is extremely educational ✅
@youngnailsinc 4 жыл бұрын
❤️❤️Good!
@Ezster69 4 жыл бұрын
I better keep my physical expenses of my receipts from now on. I only put everything on a Excel sheet what and where I spent.
@youngnailsinc 4 жыл бұрын
Nice
@natashacaraballo2076 4 жыл бұрын
Always the best information! Thank you!
@youngnailsinc 4 жыл бұрын
❤️❤️
@ladyinmauve 4 жыл бұрын
Yes, get a tax professional!!. Lol. Will save so much hassle. I'm moving into an entrepreneurial space so this video was very helpful. Keep it up!! 😘 #teamyn
@youngnailsinc 4 жыл бұрын
❤️❤️
@kaj6703 4 жыл бұрын
Thank you so much for this valuable information.
@youngnailsinc 4 жыл бұрын
Thanks for watching
@arianagmartinez3020 Жыл бұрын
I worked for a nail salon last year and I received a 1099NEC but I was working under an employee basis I didn’t have my own tools, I didn’t set up the prices and I had an schedule of 8-7 Am I being mis classified? Should I get a w-2 instead?
@youngnailsinc Жыл бұрын
We would definitely recommend discussing this with your salon owner as well as a tax professional to get more specific information, but a 1099NEC is for Nonemployee compensation or an independent contractor.
@jagemporium2995 3 жыл бұрын
This is literally what I’m going through 😭😭 I’m literally talking to my tax consultant this week. May I ask Whats the rough number or an average that we’d usually owe after a year? 🥲
@tmcdgreen 4 жыл бұрын
#teamyn!! I love this topic, I find it really interesting.
@youngnailsinc 4 жыл бұрын
❤️❤️
@erin8000uk 4 жыл бұрын
Well the area where you live that depends and if you work independently and how many clients it all depends you pay what you make not over but if you do work private they wouldn't know on that unless you tell them it's the same with any work unless your working for someone in a business together that's different
@youngnailsinc 4 жыл бұрын
For sure
@africanation702 4 жыл бұрын
Am so greatful for this topic... I thought you need to pay when u have your own place. What a suprice to hear even if i booth rent i have to pay. Ohkay i did register my business name coz i was scared my business name would be taken an wanit to make sure that name isnt already out there. Anyway so my name is registered but the paying taxes part where do i even start.
@youngnailsinc 4 жыл бұрын
Seek out an accountant to help guide you
@rinnypink Жыл бұрын
Do nail salons charge customers sales tax for services?
@youngnailsinc Жыл бұрын
It depends if your state requires it.
@beautybykey9322 4 жыл бұрын
Yasss needed this....
@youngnailsinc 4 жыл бұрын
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@destinys246 Жыл бұрын
. After getting licensed must I file for taxes? Even if I’d still be a beginner with low clientele ? Or is this something I do once I get more clientele?? Right now I’ve spent more on supplies than what I’ve made from my work
@youngnailsinc Жыл бұрын
I would actually recommend that you discuss this question with a tax professional. This way they can guide you in the direction that is best for you and your business.
@rociojocelyn3151 4 жыл бұрын
I have heard a rumor that tax write offs will no longer be allowed starting this year. Is it true? If so, does this mean we won't be able to write off things like laundry detergent (like Tracey's example)?
@youngnailsinc 4 жыл бұрын
Interesting, again every state has different laws so that would be a question for your accountant
@killernailsllc 3 жыл бұрын
Is it better to pay your taxes monthly or at the end of the year?
@youngnailsinc 8 ай бұрын
I would actually recommend that you discuss this question with a tax professional. This way they can guide you in the direction that is best for you and your business.
@michellegriffiths2132 4 жыл бұрын
THANK YOU FOR THIS, this is sooo what I needed. #teamyn
@youngnailsinc 4 жыл бұрын
❤️❤️
@Kierracraftsndesigns 11 ай бұрын
Is there a timeframe in between buying a product and how long you take to get a business started to write off buying that product/supply. For example, I see you guys have a Labor Day sale on pro kits. I want to buy the acrylic kit and the gel kit and the full tip kit. I am in the process of gathering information for starting a small Nail salon on my property, but Im not sure if it’ll be approved by my municipal in my county because they want me to do it in home. Whereas I want to get a custom beauty shed. That’s what I want. . If it’s approved idk if it’ll be builtbefore the end of this year. I have contacted my tax lady who does my taxes for my full time hospital job. She wants me to call her after the holiday but I’m pretty sure she has no idea with beauty business tax. My main concern is. Should I buy the supplies now while they’re on sale (I have had a huge urge to buy acrylic supplies and the sale popped up like déjà vu) and I’d make profit as I pratice or should I wait until I have my salon set to buy the supplies and have all the receipts for tax year for my home based salon? Is there an expiration on buying the supply within a certain time/ year or tax time frame. I currently work part time in a hair And lash salon but my clients want gelx and I want to get back into acrylic. Currently I work with Dip, Gel polish and hard gel
@youngnailsinc 11 ай бұрын
Generally the tax write off is for the year the item was purchased. However, we would recommend consulting with a tax professional for further information.
@Kierracraftsndesigns 11 ай бұрын
@@youngnailsinc that was helpful and great to know thank you!
@yennifercabrera4678 4 жыл бұрын
@youngnailsinc hi can you please answer me I want to know if I can start doing nails on the side without a license? Educating myself and buying quality products?
@dawnssful 4 жыл бұрын
You have to check the laws depending on where you live. I would imagine that none of us non pros can have access to some of the really cool products we see the professionals use without a nail license. It sucks though because it's so cool to see the things pros use.
@youngnailsinc 4 жыл бұрын
You need to find out regulations in your region. Most states require licensing.
@cin4195 4 жыл бұрын
License or no license , you still need to claim income and pay tax on it.
@empogirl 4 жыл бұрын
Great one! #teamYN
@youngnailsinc 4 жыл бұрын
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@lishaslife5652 4 жыл бұрын
So should we add tax fees to the services?
@skyleenarose7338 4 жыл бұрын
Als B good question, I’d like to know as well
@youngnailsinc 4 жыл бұрын
You could if that is your preference as to how you would like to do it.
@kaj6703 4 жыл бұрын
It also depends on your state. NH doesn’t tax so I can’t add it.
@sarahdiaz6438 4 жыл бұрын
#teamyn great topic!
@youngnailsinc 4 жыл бұрын
❤️❤️
@michellee8843 4 жыл бұрын
Brilliant advice guys #teamyn
@youngnailsinc 4 жыл бұрын
❤️❤️
@belenbauer7903 4 жыл бұрын
Good counsel #teamyn
@youngnailsinc 4 жыл бұрын
❤️❤️
@tamarabarnum911 4 жыл бұрын
#TeamYN 😌😌
@youngnailsinc 4 жыл бұрын
❤️❤️
@LittleOne4me 4 жыл бұрын
Tax season, no fun. It's one thing I don't enjoy from my job. God points though. #teamyn
@youngnailsinc 4 жыл бұрын
Haha so true
@Nailsbyperry 4 жыл бұрын
Great topic! #TEAMYN
@youngnailsinc 4 жыл бұрын
❤️❤️
@dawlindidit 4 жыл бұрын
#teamyn
@youngnailsinc 4 жыл бұрын
❤️❤️
@ritabnailedit 4 жыл бұрын
🧐🧐🤭#teamyn
@youngnailsinc 4 жыл бұрын
❤️❤️
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