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 Arm yourself with basic knowledge about tax preparation, and then leave the nitty-gritty aspects to those whose focus and expertise lies in this particular area. and meals associated with your business can be deducted at 50% of their cost. If you purchased business books, or pay dues to a professional association, deduct the full expense of these. The same is true for legal or consultant fees. If your spa has been benefactor to a charity, you may deduct that gift. Incorporated businesses should claim the gift as a charitable contribution, while LLC, partnership, or S-corporation owners should claim such gifts on their individual tax returns. Finally, if you have a cell phone that is used for your spa, that full cost can be deducted as an expense. See Commonly Overlooked Business Expenses, page 90, for a longer list of frequently forgotten deductions. And be sure to log some time combing through guidelines on the IRS website (irs.gov) before sitting down to do your taxes. Clearly, preparing your taxes is a complex endeavor. There are subtle and not-so-subtle nuances associated with IRS ���lings. Our advice? First, arm yourself with basic knowledge about tax preparation, but then enlist the help of a tax pro. Leave the nittygritty aspects to those whose focus and expertise lies in this particular area. You���re already busy enough running your spa, developing new services, managing staff, marketing, and ensuring that your guests receive a spa experience like none other. And, should you ���nd yourself sitting on a pile of tax refunds at April���s end, our experts advise reinvesting that boon in your spa guests. ���I���ll buy them gifts, or issue loyal clients ���thank-you��� gift cards,��� Mann says. ���It reduces our pro���t, but ensures repeat business for the next year. And frankly, it just feels good to thank those who are largely responsible for our success.��� Steve Austin Stovall, Ph.D., is a professor of management at Wilmington College in Wilmington, Ohio. He is also a writer and consultant on management and marketing. dayspamagazine.com/freeinfo ��� Use FreeInfo #47 98 DAYSPA | MARCH 2013