New tax laws around tips benefit salons and stylists -- Here's what to know ft. Chris Wittitch

This episode we're amped to talk about taxes. That's because new U.S. laws benefit both salon owners and stylists. Blake brings in Chris Wittitch, a CPA and partner at Boyum Acounting, to break it all down. They chat about the exciting new FICA tax tip credit now available to the beauty industry and what salon owners need to know to take full advantage of it. They also touch on the new tax-free tips for service providers and discuss the impact of digital tipping platforms like Venmo and PayPal. Tune in to get all the insights straight from an expert and make sure you're maximizing these new tax benefits!

MORE RESOURCES

Complete guide to tax reporting for salons

No Tax on Tips guide for salon employees

Find more guides and learn how your salon company can work with Chris Wittitch at salon.cpa

00:00 Introduction

00:33 Meet the expert: Chris Whittich, Summit's right-hand accountant

01:10 Understanding the FICA tip credit

04:41 Salon owners: Maximizing the FICA tip Credit

13:58 Tax-Free Tips: What service-providers need to know

24:22 Impact of digital tipping and 1099-K reporting

28:38 Conclusion and what happiness means to Chris

Follow Summit Salon Business Center on Instagram @SummitSalon, and on TikTok at SummitSalon. 

SUMM IT UP  is now on YouTube! Watch extended cuts of our interviews at www.youtube.com/@summitunlocked

Find host Blake Reed Evans on Instagram @BlakeReedEvans and on TikTok at blakereedevans. His DM's are always open! You can email Blake at bevans@summitsalon.com. 

Visit us at SummitSalon.com  to connect with others in the industry. 

SUMM IT UP is produced and edited by Andrea Muraskin. The executive producer is Tim Fisk.