Booth renters and beauty professionals face unique challenges when tax season comes around. But because you don’t have taxes withheld from your income like traditional workers, you can use deductions to cover your expenses and lower your tax burden. But when it comes to self-employed deductions, the process certainly isn’t one-size-fits-all.
Deductible expenses are those that are seen as “ordinary and necessary” for conducting business. These expenses can range from advertising to utilities and everything in between. Remember, however, that you can only deduct the business use of the expense you’re deducting.
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