DAYSPA is the magazine of spa management. Spa owners and spa managers turn to DAYSPA for spa management trends, spa management tips and more.
Issue link: https://dayspamagazine.epubxp.com/i/109233
PROFIT CENTER Taxing Matters With the ���fteenth of April rapidly approaching, taxes are bound to be looming large in your mind. Buoy those (sometimes stressful) thoughts by boning up on all the tax breaks and incentives available to you as a spa owner. To help clue you in, DAYSPA grilled some ���nance whizzes on the best ways to come out on top this tax season. TAXES 101 The ���rst, and probably most important, point to keep in mind is that your tax situation should not be taken lightly. According to Chris Mann, owner of Woodhouse Day Spa in Cincinnati, keeping a person on staff who is devoted to taxes and bookkeeping is paramount to business success. ���I���ve chosen to delegate these responsibilities to people who are as passionate about numbers as I am about the guest experience,��� he shares. Hiring a professional accountant is strongly ad- 88 DAYSPA | MARCH 2013 vised in today���s business environment. After all, your guests seek you for spa and wellness expertise; therefore, you should focus on delivering the best spa experience possible, and turn to an accountant for tax expertise. ���I have a bookkeeper, and I meet with an accountant regularly. He handles our Quickbooks entries, as well as monthly, quarterly and year-end tax ���lings,��� Mann says. ���The added expense has been paid for many times over, as we now avoid mistakes and late ���ling. Besides, tax codes and ���ling dates are constantly being revised; keeping up with them is a full-time job.��� Monte Zwang, a principal with Wellness Capital Management, emphasizes that before even setting out to find a good accountant, it���s crucial to understand the implications of your business��� setup. Is it a sole proprietorship, S-corporation, LLC (limited liability company), or something else? This ��ISTOCKPHOTO.COM The day of reckoning is nigh. Here���s what you need to know before ���ling your 2012 taxes���and channeling those refund dollars, too. By Steven Austin Stovall, Ph.D.