Makeup artists have a unique industry and need a unique approach to keeping track of expenses as well as. Accounting for make-up artists is important to ensure that expenses and revenue are all recorded.
Using the right platform in bookkeeping for makeup artists will ensure that you are all set when tax season rolls around.
How Makeup Artists Break Down Their Expenses
Tax planning for makeup artists is important for ensuring that payment against taxes owed is accurate, as well as making sure that any refunds due are given.
Tax deductions and responsibilities on taxes should be tracked by using accounting software like Quickbooks.
An accounting platform recommended by a CPA is an important piece of the financial puzzle. Do you currently have an financial adviser? If so, how are they helping you make important decisions? Because the IRS requires proper documentation, you'll want to double-check the current platform or software you are using.
How Do You Break Down Your Expenses As A Make-Up Artist?
As a makeup artist, you have very little overhead, but a home office is a primary deduction that you and other makeup artists share. This is the one that gets the most attention from the IRS. Using the right platform for your accounting needs is critical to avoid making mistakes.
The home office should be dedicated to working alone, and nothing more. The features of specific platforms are ideal for helping you determine how best to write-off this expense. You may do this in two ways:
Multiplying square footage by $5
Adding up expenses directly as they can be accounted for
Only including a percentage of your home that you believe is being used for business
Quickbooks makes it easy for CPA’s to break down these expenses while utilizing the this makes it a seamless process when its time for strategic financial planning.
CFO Advisory For Makeup Artists
Professional training and development is important for you as a make-up artist. One of the best features of using Quickbooks makes it easy for financial advisers for make-up artists to give them tips on where to spend funds on professional training. Finding a CPA for makeup artists is important to get insider tips on how others in the industry are spending their money.
What About Your Insurance?
Insurance is necessary for every profession and managing the costs of insurance is just as important. This is where we come in, our CPAs for makeup artists, here at Fusion CPA can help you keep track of insurance costs, and our financial advisers can dig into the insurance policy to determine critical aspects like if it's expected to increase. In addition, managing your utilities and other expenses will help you determine how much to allocate for monthly utilities.
This is helpful in analyzing your profitability, and how much your expenses will be. Are you still bringing in enough cash? The features inside Quickbooks will help you break down your utilities so you can see what is being spent for water, electricity, and more.
Bookkeeping For Makeup Artists
If you understand the purpose of bookkeeping it can help you realize how much of a benefit it is to outsource the CFO responsibilities. CFO advisory services for make-up artists can help you see the key indicators of how your business is doing now and what your forecast is in the coming months. So, if your bookkeeping data is accurate, your key indicators will also be accurate. We at Fusion CPA offer CFO advisory for makeup artists and we can provide best-in-class services. We also offer tax planning and preparation services to help make-up artists like you to maximize deductions which, as a result, can increase your savings. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive