Do not let the term “salon suite rental” confuse you; you may be renting a location, but in every other way you are a business owner, and as such you need to understand tax information. What we are about to present to you is meant to be the basics regarding tax information; for a more details breakdown, call the IRS, or contact a tax accountant.
We are Salon & Spa Galleria, leading the way in Fort Worth with twenty-two salon suite rental locations. Call us at 817-917-1416 for more information and to arrange for a tour of our luxury salon suites.
Okay, let’s’ talk taxes.
Salon suite rental tax information in a nutshell.
In a quick summary, almost all of the tax deductions available to any business owner is available to you when you rent a salon rental. These include all of your business expenses, including rental fee, utilities, WiFi, cost of product you are selling, telephone, the cost of an accountant, business traveling, educational courses related to your business, advertising, and on and on.
The main deduction you cannot take is interest paid on a real estate loan, since you do not own the salon suite where your business is located.
The main point to remember is this: in every way, you are a business owner, so standard business expenses can be claimed, despite the fact you do not own the location of your business.
When in doubt about salon suite rental taxes, consult an accountant.
This is really a strong recommendation rather than a casual one. Yes, an accountant will cost you money, but trust us, you will recoup that expense many times over because of the accountant’s advice and guidance . . . and you most likely will never have to worry about the IRS calling you and questioning your bookkeeping system. The peace of mind alone is worth the price of an accountant, in our opinion.
Our advice: start small and grow into the more complicated tax info.
We pass this advice along to anyone who will listen: start small and grow into your business.
Owning and operating a business is hectic and exhausting and confusing. It is your livelihood at stake, and you have no safety net other than your talent and your wits. You need to simplify at first, not complicate, and the best way to simplify is to keep the business as small as possible, which means a one-person operation.
You will always have time to grow. You can always rent a larger salon studio or suite. But those things can wait. Build a solid foundation and then reap the rewards later, once you are firmly established.
A final word about Salon & Spa Galleria.
Salon & Spa Galleria is locally owned and operated. As we stated earlier, we now have twenty-two locations in the Greater Fort Worth area, but it was not always so. We started out with one rental agency, then five, then ten, until today we are thriving. The point, again: start small and grow into our business.
Call us for a tour and see what a salon suite rental can do for you.
