As a certified lash artist, you are proud to own or manage a lash business. You enjoy being a “lashpreneur” and helping women to look their best. In order to ensure that your business is as official and legitimate as possible, it is important that you take a number of steps. This will help not only at tax time, but in managing your finances and growing your company.
With this in mind, check out the following four business management tips that all lashpreneurs should consider:
1 | Look into Forming an LLC FOR YOUR LASH BUSINESS
Creating a limited liability company, or LLC, is an important step for lash artists who own or manage a business. Fortunately, it is not as difficult a process as many people think. Start by choosing a name for your company that complies with your state’s LLC rules — of course, it cannot be the same as another LLC that is currently on file. Next, prepare and file the “articles of organization” with your state’s LLC filing office; this is the basic document that is required to create an LLC. The next step involves creating an LLC operating agreement which sets up the rules for the ownership and operation of your business; this usually includes how the LLC will be managed and the members’ percentage interests in the business. Next, some states require you to publish a notice of your intent to file your LLC; if this is true for where you live, be sure to follow this step. Finally, you can obtain the licenses and permits that you may need in your state to run your lash business.
2 | REGISTER YOUR BUSINESS WITH THE IRS
Lashpreneurs should definitely take steps to be sure their business is officially registered with the IRS. This will help at tax time, and if you are ever audited, all of the IRS paperwork will already be in place. IRS.gov offers helpful tips on how to go about doing this.
For example, this includes completing an online Employer Identification Number application, which is available for all people whose principal business is located in the U.S. or U.S. Territories. To use the online application, you must have your social security number handy and enter it in along with some other information.
3 | Start a Business Bank Account
4 | Keep Your LASH CASH Books SAFE
As a lashpreneur, you may be able to write off certain expenses at tax time. In addition to opening a bank account for all of your lash business-related expenses, you will also want to keep tabs on tax-related issues like submitting payments to the IRS, what income you are bringing in and what you are paying out.
Fortunately, there are a number of accounting, bookkeeping, and tax apps that are ideal for lashpreneurs like yourself — as a bonus, they are all easy to use, they offer free trials, and do not require a degree in accounting to understand. For instance, the QuickBooks Self Employed app is a great option that will help you organize all of your business-related expenses and tax payments in one place; it is a great tool whether you file your own taxes with Turbo Tax or work with an accountant.
Succeed as a Small Business Owner
Whether you are just starting out in your lash business or have been a