CPA Chris Whittich breaks down the big, exciting changes the new FICA tax tip credit and tax-free tips laws are bringing to the salon industry.
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