30 Dec New Year, Tax Trends, New Strategies for Salons and New Niche Magic
New wishes for wealth in the New Year are speeding your way from Gavrilov & Co. We would feel remiss if we did not share with you, a fat platinum wish for good fortune in the New Year. Such wishes are especially appropriate from your bankers, mortgage lenders, other financial partners and business advisors at this time of year.
Our CPA’s, tax squad and bookkeeping specialists hasten to send you their wishes at this time of year. This is because the New Year celebration is the holiday that dares to showcase wishes for fortune, finance, good business and wealth. (And yes, we will underline the wish with the more common wishes for joy, love and good health. However, we claim the New Year for shameless good wishes for the wealth and health of your business)
So, to friends, supporters, colleagues and blog readers, clients and potential clients, here comes our finest jewel-toned, gold-encrusted, diamond drenched, silver-laced platinum New Year wish of good fortune, fun and finances for 2018.
New 2018 Gavrilov Glamour Guide in the NYC New Year
It’s also a glamorous holiday for New York City. And the beauty industry blazes today with glitz and glamour for all the Celebration Parties. Uptown, Downtown and Midtown, salon and spa owners are in frantic preparation. They are glazing, dipping, polishing and arranging every hair, fingernail and skin cell of patrons for their New Year Look.
We are breathless in anticipation of the ultimate glittering moment.
This is the moment when the champagne pops, the ball drops in Times Square, and the midnight kisses sizzle. Gavrilov & Co accountants hate to be kill-joys. And the tax squad looks on in dismay. But we have to ask, “How many of those busy salons and spas will remain open for business by January 31st of next Year? The dull truth behind the shiny business of beauty is that a spa or salon cannot succeed without help from meticulous accounting, strategized tax planning and compliant payroll. Attention, New Announcement of the Secret Salon Niche for Gavrilov & Co in the coming year.
There could be no better time for us to announce that Gavrilov & Co accountants have been the best-kept secret. They have been nurturing the numbers behind successful salon and spa businesses in NYC for almost a quarter of a century. In the new year, our CPA’s invite salon-owners to enjoy best business practices with salon-specific income tax strategy. And this will include accounting procedures for payroll, booth rentals, and tip compliance.
New Year Note New Salon Owners: Wake up and Smell the Tip Tax Compliance
Gavrilov wants you to know that the real authority on Tip reporting is the IRS. We know a salon owner who recently had to pay 70,000.00 because of problems with Tip Reporting and Withholding Tax. These problems included ignoring it, installing an ATM, and forbidding tips on credit cards. He, like many salon owners, just thrust it off to the employee’s responsibility. Successful salon owners do their research with IRS. Here’s the enigma: it takes 10,000 hours of study to master the basics of tax law. If you do not have time, then you can rely on experts like Garvilov & Co. They know how to weave the beauty industry with best business practices in accounting and tax payment.
If you are in the beauty industry, here’s a little reading assignment that could be your wake-up call.
Thus, today is the official premiere of one of our favorite niches in business. We send a special greeting to salon and spa owners. We can’t wait for you to see how wonderful owning your glamorous business can really be when you have the right accounting support.
As 2018 continues, we might be revealing more of our special niches. You might be surprised how many varied types of business owners are discovering the value brought to them by a CPA with training in a special niche. So, welcome to our Gavrilov Blog, Salon and Spa Owners. Look here at the Gavrilov & Co Blog for tips and strategies to help your salon or spa thrive in 2018. Better yet, give us a friendly call. See how we can help you track expenses, create an accounting system that works, and set up tax strategies so you can shine in 2018.
New Year of New Tax Mandates for All Businesses
Don’t worry just because we shine a spotlight on the beauty salon/ spa niche does not mean we will in any way neglect other business specialties. We have general knowledge and tax tips all businesses need to know as the New Year slides into tax season.
Thus, meanwhile, we will be blogging about the new Corporate tax rate, the repeal of the AMT and the extension of the modified bonus depreciation under Sec. 168(k). Sec. 168(k) allows “businesses to immediately deduct 100% of the cost of eligible property in the year it is placed in service, through 2022. The amount of allowable bonus depreciation will then be phased down over four years. 80% will be allowed for property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026.” (For certain property with long production periods, the above dates will be pushed out a year.)
Of special note is the fact that the act also removed the rule that made bonus depreciation available only for new property. Find out soon about the depreciation limits on luxury autos for your business. And learn everything you were afraid to ask about Sec. 179 expensing under the new bill.
Stories, Blogs and Tips To Come in 2018
Meanwhile, trust. We will continue to keep our blogging and business pledge. This includes bringing you the 2018 new tax trends in homeownership and the mortgage industry. And we will put our tax strategies to work for you with the new US tax reforms.
Likewise, we highly anticipate bringing you some articles about cryptocurrency, Bitcoin and Blockchain—and your tax bills.
Part of the Gavrilov Commitment is that we will help you face the new challenges of 2018. And we will untangle some of the mysteries of your financial world.
Gavrilov & Co: Helping people every day with numbers and best business practices…because we think the most glamorous look for your books, whatever your business, is basic black.