TAXES FOR BARBERS | Tax Basics for Self Employed Barbers | Topic Tuesday

TAXES FOR BARBERS | Tax Basics for Self Employed Barbers | Topic Tuesday
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[@jtol_cuts3974]

Hey Sean! Thanks for this video, it really brings awareness and guidance for us to succeed as a barber. I do however disagree with your statement at 4:58. I believe gross is the total before deductions and net is after. Thanks once again!

[@Seancutshair]

Yes you’re right. Can’t believe I didn’t say it right lol. Thanks 🙏🏼

[@Metalviathan717]

my rule of thumb is take 20 out of every hundred and I get back every year.

[@Seancutshair]

👌🏻👌🏻👌🏻

[@JLCarbajal]

Take 20 dollars out of every hundred earned?

[@Metalviathan717]

@@JLCarbajal I live in PA so my Taxes are like 12% so if I take 20.00 out of every 100.00 and that money is put in a separate account and by me over paying I never pay in and I always get back and pay quarterly is a big help too.

[@braydenbelden6229]

Havnt watched the video and already liked it because of the subject

[@Seancutshair]

👌🏻👌🏻👌🏻

[@donxbarber]

Great video Sean , and I had to steal that clipper set up you had at the Show 💯

[@Seancutshair]

That’s what’s up bro! 💪🏻💪🏻💪🏻

[@TrueMindframe.]

📚💈 need this. First year filling as a barber

[@Seancutshair]

👏🏻👏🏻👏🏻

[@mikelekan9948]

Thank you so much Sean!

[@Seancutshair]

🙌🏻🙌🏻🙌🏻

[@heavychevy4616]

...enjoying this series, thank u

[@Seancutshair]

👏🏻👏🏻👏🏻

[@biggodthebarberYouTube]

This is Very Much Needed!!💯💯💯✨

[@Seancutshair]

👏🏻👏🏻👏🏻

[@sigcrisp]

Thank you Sean💪🏼 💈

[@Seancutshair]

Welcome bro!

[@isayah4775]

Thank you for this bro‼️

[@Seancutshair]

Any time!

[@hammiethebarber4254]

Facts.a lot of great information

[@Seancutshair]

🙏🏼🙏🏼🙏🏼

[@Jr-md8fg]

Do you have any videos on explaining and advising about the difference in sole proprietor, s-corp, snd LLC. Im struggling on how to proceed.

[@Seancutshair]

Honestly I don’t know much about all that. I use Pie Accounting a barber specific accounting service that sets all that up for me and puts me on the right track! Definitely worth looking into!

[@richardmaldonado6945]

If your 1099 YOU are your own BOSS you make your own schedule you work your own hours the owner of the shop needs to know none of your business or prices as long as you pay your booth rent and if you get commission you must make sure your making your states minimum wage every week

[@Seancutshair]

Most booth renters aren’t 1099 at least around where I am.

[@Unkn0wn1133]

Yes, you get control freak shop owners that try to get free labor out of their contractors by making them do extra work like an employee and micro-managing. Totally agree be informed and know the labor laws in your area people will take advantage.

[@AEDetailing-nu1el]

Where do you get the money to spend in the first place - before you write off ?

[@Seancutshair]

You make it cutting hair or however else you make money

[@0006khill]

What if I was cutting hair year but didn't have my license.... but was an apprenticeship type barber.

[@Seancutshair]

Nothing would change tax wise because of your license

[@RyanAlca]

Sooo. I have the opportunity to work a full time, well paying job with benefits 4-10’s a week. I will be cutting hair once I pass my tests on most Fridays and Saturdays and I have a big list of regulars who all pay cash… what would you do in my case?!

[@Seancutshair]

Maybe start with that and if you get to the point you can do better cutting hair only I would make the switch

[@flipinfin]

Great explanation. So doing it from home is a no go?

[@Seancutshair]

It’s possible but I personally didn’t feel comfortable with all the deductions and different numbers.

[@flipinfin]

@@Seancutshair Thanks for responding. Its legal right? Could you guide me in the right direction? N I still have to fill out a schedule C correct

[@davianrhodescpa]

@@flipinfin Yes, you would still need to file a Schedule C. Let me know if you have any more questions and nice video Sean 👏🏾 qrco.de/bdGr1d

[@MikeDMedia816]

Do you separate your taxes( income) from the barbershop taxes? Or you do it all in one?

[@Seancutshair]

Good question! My shop is a sole proprietorship so it all goes under taxes. Working on an LLC in the future so that will change but don’t know much about it yet.

[@MikeDMedia816]

@@Seancutshair look up karlton Dennis has tons a video on llc, and s corp and taxes

[@otisfamunda5403]

@@Seancutshair check my reply it's lengthy but man it can be some good money for you

[@JohnOBiker]

All she want to be able to show tax returns so that when you're ready to retire you have money and retirement.

[@Seancutshair]

👌🏻👌🏻👌🏻

[@AnimeOfWisdom]

So if we do not have any receipts for our stuff that we bought can we still put it as a write off? Or do we need receipts

[@Seancutshair]

If the irs ever came back and wanted to see it you’d want to have receipts

[@UpskirtPhoto]

can we write off booth rent then ?

[@Seancutshair]

Yes!

[@DiorMaliek]

quick question can you use your bank acc to show what you paid for ?

[@Seancutshair]

I don’t officially know. But I just hired a tax professional who logged in to get my income and deductions so I’d imagine so

[@DiorMaliek]

@@Seancutshair okay thank you

[@davianrhodescpa]

@@DiorMaliek Yep, Sean is correct. Bank statements fall in the documents that qualify for substantiation for taxes.

[@jhonnyfadez6249]

Can we file as 50/50 commission

[@Seancutshair]

I don’t know anything about commission. Would have to ask a tax person

[@xdevinmartinez]

Im a month out of barber school and im on a W2 for my shop but ive been saving all the receipts of tools, is there any reason to do that?

[@Seancutshair]

Yes save every receipt!

[@xdevinmartinez]

@@Seancutshair good thing I have been, thank you !

[@richardmaldonado6945]

If your w2 your considered an employee you work set schedule you dnt need to keep track of receipts the business is suppose to buy your clippers and equipment

[@isaacportillo47]

Hey Sean, would not having a barber license affect paying taxes?

[@Seancutshair]

I don’t believe so

[@romans6193]

💎💎

[@Seancutshair]

👏🏻👏🏻👏🏻

[@JLCarbajal]

Tbh I think 40 for a cut is unreasonable i understand it takes time and a lot of hours of effort to perfect your craft but I guess the main question is for trade skill is who your target customer is? Sorry about my punctuation still working

[@Seancutshair]

It all depends. I mean most shops are closer to the $20 range. I’ve been cutting almost 10 years and don’t take new clients. I actually just went up to $60

[@ant_cuts_]

40 unreasonable for a cut? where you live at? if you want a good haircut around here you are going to have to pay at least 35 and up. if u go cheap it will show

[@yadhielvillanueva2706]

First comment 🔥👌🏻

[@Seancutshair]

💪🏻💪🏻💪🏻

[@devanee18]

just do cash, and zelle buy house under ur parents boom no tax theft from gov

[@Seancutshair]

🤦🏻‍♂️🤦🏻‍♂️🤦🏻‍♂️