How self-employed hair stylists and barbers pay themselves S-Corp pt. 2 | Booth renting on payroll

In this video I recommend booth renting or salon suite owner barbers and hair stylists to become S-Corps to save on their taxes and put themselves on payroll.

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ABOUT ME (JENN)

Before starting my own business coaching and accounting firm I…

- Grew a struggling hair salon to a multi-6 figure business in 5 years
- Spoke to cosmetology students on the business side of the hair industry
- Worked as a tax analyst and specialist at HR Block Small Business Advisors
- Distributed hair products to hair salons and barbershops along the East Coast
- Created a product line and online hair product eCommerce store
- Imported hair products from the Dominican Republic
- Received my degree in Economics from the University of Maryland at College Park

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DISCLAIMER

This video is for informational purposes only and may not be accurate for your unique situation. Before applying anything stated in this video, please consult with your tax advisors. For unique tax situations, please consult with your tax advisor. Thanks for watching!

[unwrapbeauty]

Hello Jennifer, Thank you so much for making this video. I just started in September 2021 as a Braider and now I have my LLC. I have quickbooks setup to pay myself a salary and will be receiving my first paycheck tomorrow. I love your video, but I didn't tell the IRS I wanted to be taxed as a S-Corp. Can you tell me how to do that in a video or send me a link. Thank you so much again.

[cleopatrajones]

Hi there, would a stylist who is a booth renter/sole proprietor have to explain WHY they are filing as an Scorp and why their profit OVER their reasonable salary isnt considered income? My sister is a stylist and she profits $80, 000.00 a year and she files as a sole prop. I was wondering if the IRS will question her becoming an S corp if she has no intent on actually growing her business? I am the skeptical one because I dont believe in messing with Uncle Sam and I told her if it sounds too good to be true, it probably is.

[ceceliatucker]

Do you think Gusto is a good payroll app... It's only me and my daughter as employees right kow