Expert Tips for Prepping for Tax Season & Tracking Your Finances as a Stylist or Salon Owner
As a stylist or salon owner, you already wear multiple hats — artist, business owner, marketer, and more. But one of the most important roles you’ll ever play is financial manager. Whether you’re an independent stylist renting a chair or running a multi-chair salon, knowing where your money is coming from (and where it’s going) can make the difference between thriving and just surviving.
Why Financial Tracking Matters as a Stylist or Salon Owner
When you track your finances consistently, tax season becomes stress-free — and you unlock valuable insights to help your business grow. Are you a stylist or salon owner seeking guidance ahead of tax season? Check out my customized business program, Prism Profit, specifically crafted to help stylists and salon owners properly track their finances and boost profits. This all-in-one program will teach you essential skills to run a successful salon — financial management strategies to help you stay organized, understand your profit and loss, and make informed decisions to boost your business’s profitability while making tax season a breeze.
Expert Tips to Prepare for Tax Season as a Hairstylist
Here are some pro tips to help you stay ahead of tax deadlines and keep your finances in check year-round:
Separate Business & Personal Finances
Open a dedicated business bank account and credit card to keep personal and business expenses completely separate. This simplifies bookkeeping and ensures you’re maximizing deductions.
Track Every Expense (Even the Small Ones)
From salon supplies and continuing education to marketing expenses and travel — it all adds up. Use a reliable financial tracking tool or app to log every purchase.
Save Your Receipts (Digitally!)
No one loves a shoebox full of crumpled receipts. Use cloud storage or an app to snap photos of your receipts and keep them organized by category — rent, supplies, advertising, etc.
Stay Consistent with Income Tracking
Whether you take payments through Venmo, credit card, cash, or salon software, be sure to record every dollar earned. Regularly review your income streams to spot trends and opportunities.
Understand Your Deductions
As a stylist or salon owner, you may be eligible to deduct:
- Professional tools & products
- Salon rent & utilities
- Marketing expenses (website, ads, business cards)
- Continuing education courses
- Mileage for business-related travel
Schedule Monthly Check-Ins
Schedule Monthly Check-Ins Don’t wait until tax time to review your finances. Set aside time each month to reconcile accounts, review your income vs. expenses, and check in on your profit and loss statement.
Work with a Tax Pro Who Understands Salons
A tax professional who knows the beauty industry can help you maximize deductions and avoid common tax pitfalls — saving you time, stress, and money.
Don’t Let Tax Season Sneak Up on You — Build a Strong Financial Foundation with Prism Profit
If the thought of managing all this feels overwhelming — you’re not alone! That’s exactly why I created Prism Profit, a business bundle designed exclusively for stylists and salon owners.
With Prism Profit, you’ll get:
"Know Your Numbers" financial training to track income, expenses & profit
Simple strategies to make tax time stress-free and profitable
Guidance to confidently manage your salon’s finances all year long
Ready to take control of your finances and build a thriving business? Sign up for Prism Profit today and gain expert insights to simplify tax season and maximize your profitability — all while doing what you love. Click on this link, fill out the form below, or follow the button to see if the Prism Profit program could benefit you and your business.
