A makeup artist brings joy to their clients and themselves, with a unique profession that can be as varied as a wedding artist to a movie set artist. But as with any freelance business, there are tax obligations that must be documented and filed.
However, there are also benefits to being self-employed, with makeup artist tax deductions that will help you at tax time. By reducing your taxable income, you can pay less tax by using the correct makeup artist tax write-offs.
Here’s the information you need to know before you reach tax time.
This handy book will guide through best practices to follow when calculating your freelance taxes.
Makeup artists need tools that are particular to the profession, and they are some of the eligible makeup artist tax deductions, along with other more typical freelancer tax deductions. As you track the deductions, they may seem inconsequential on their own, but over time they definitely add up to give you an edge at tax time.
By reducing your taxable income, you’ll be happy when your makeup artist tax deductions result in less taxes paid and more money in your pocket.
As a makeup artist, you will have costs that are specific to your industry, as well as expenses that are more typical for anyone who is self-employed. By knowing the appropriate makeup artist tax write-offs, you’ll be able to take full advantage of being your own boss. For peace of mind, you can also consult with an expert like an accountant before establishing your system for tracking your makeup artist tax deductions.
The expenses that are eligible to be deducted are dictated by the rules of the Internal Revenue Service (IRS), the federal taxing authority. The guidelines state that an expense must be both ordinary and necessary:
Ordinary being common and accepted as part of your business, like your makeup brushes.
Necessary being helpful and appropriate to your trade, but not indispensable. Ongoing training would be a good example of a necessary expense.
By knowing the freelancer expenses as well as makeup artist tax deductions for which you’re eligible, you can establish a tracking system so that you’re prepared for tax season.
There are a lot of eligible expenses, but not every out-of-pocket expense is a tax deduction:
Makeup artist tax deductions are important to track and record. Then you’ll be prepared when tax season rolls around. Here are a few ways you can access makeup artist tax deductions:
1. Make your life easy with an online accounting tool like the one offered by Bonsai.
2. Set up your own system to track deductions and file a tax return.
3. Hire an accountant to do the work for you, although you’ll still have to keep record.
Remember, you can use Bonsai's free self-employment tax calculator to estimate your quarterly taxes!
Not a makeup artist? Find tax deductions for your specific profession below.