
Beauty Business Strategies
The podcast where salon, spa, medspa, barbershop, and lash studio owners — just like you — learn quick tips to make more money, inspire your team, and create world-class client experiences.
Beauty Business Strategies
Tax Planning Essentials for Salon/Spa Owners with Tina Azarvand
On this episode, we sit down with seasoned tax attorney, Tina Azarvand, as she shares expert tax strategies tailored specifically for beauty entrepreneurs. From exploring the benefits and drawbacks of sole proprietorships, LLCs, and S-Corps to emphasizing the importance of proactive tax planning, Tina equips you with the insights needed to optimize your tax obligations and compliance. She delves into the specifics of S-Corp salary requirements and new filing mandates under the Corporate Transparency Act, ensuring you make informed decisions for your business.
Learn more about Azarvand Tax Law: https://azarvandtaxlaw.com/
Contact Azarvand Tax Law: info@azarvandtaxlaw.com
Conversation highlights:
2:12 The pros and cons of different business classifications (LLC, S-corp, etc.)
9:03 The most common tax pitfalls of small businesses
14:02 The dangers of misclassifying your independent contractors
20:15 What to do if your business has fallen behind on taxes
28:37 Tina's two key tips for staying proactive with your business taxes
Watch the video version of this episode: https://youtu.be/uSois_fZUms
To learn more about how Strategies can help you create more profit, fun, and growth potential for you, your business, and your team, schedule a free 60-minute strategy session:
Schedule a free 60-minute strategy session: https://strategies.com/free-coaching-session
Strategies: https://www.strategies.com
Salon/Spa Business Coaching: https://strategies.com/memberships/
In-Person Salon/Spa Seminars: https://strategies.com/seminars/
Podcast: https://strategies.com/podcast/
Instagram: https://www.instagram.com/strategies4biz/
Facebook: https://www.facebook.com/strategies
TikTok: https://www.tiktok.com/@strategies4biz
The Beauty Business Strategies Podcast is designed to give salon, spa, medspa, barbershop, and lash studio owners, just like you, quick tips to make more money, inspire your team, and create world-class client experiences.
Well, hello again and welcome to the Beauty Business Strategies podcast. Again, michael Yost here with you, and today, as we've got another great guest for you, and this time we're trying to find people from all types of industry, but still that apply within the beauty industry. And today we are joined by Tina Azarvand, and she is a tax attorney and I think this is going to be a really we met just to give a little background, we met uh together in uh at uh a conference. We happen to be side by side, uh, the strategy booth and her booth side by side. We got it struck up a really great conversation and I'm like man, you man, you know again what you do and the things that you deal with are so relevant to our industry in so many ways that we should do a podcast. And as a lot of these things get birthed in, here we are. So, tina, how are you today? I'm doing well, how are you?
Speaker 1:I am good, I'm good. So I just gave you just a short little brief introduction just a tax attorney, but just good. So I just gave you just a short little brief introduction, just a tax attorney, but just give again the listener just a little bit more. Just expand a little bit more about what you do, what your line of work is, scope, things like that.
Speaker 2:Sure. So, yeah, I have my own tax law firm where we have tax attorneys, CPAs and bookkeepers and we're 100 percent focused on tax law for mostly employers, but we also help individuals as well. So we help employers plan for the future, which is a big thing that people miss. You know, everyone has a tax preparer, but not everyone has someone planning for their taxes. So we're kind of taking a proactive approach for people and we help them minimize their tax impact and we also do, you know, a lot of collection work. If you're you have liabilities with the IRS or if you're under audit whether that's a sales tax audit, income tax audit, erc audits all types of audits we love.
Speaker 1:So, yeah, anything tax law related. Really, I love the fact that you love the word audit and basically it strikes fear into the hearts of everyone else listening. So it's good to know there are people out there that are like audit, cool, I got your back. So that's awesome, that's awesome. So I think maybe the best place to start would be this is let's start with from a, from a tax standpoint. Let's just start with like foundationally. Start with like foundationally. Give us some direction on and give us some clarity around when we're starting up a business or maybe we even have one now. But the best way to structure our businesses from a business kind of entity standpoint we're talking about LLC or S Corp or you know just all the different variations are there. I think a lot of times people just aren't really certain about where they should line themselves up and typically we just take the advice of what someone else told us. So give us a little bit more depth in that area.
Speaker 2:Sure. So yeah, there are a lot of benefits and always some drawbacks to each type of classification that you can take. You know any business can start as a sole proprietorship. That means you haven't formally established it, you're operating under your social security numbers. So that's how most people start their business, but typically shortly after people tend to go the LLC route. And then from there, if you're an LLC, you can take an S-corp election or also a C-corp election, which is not very common in this industry whatsoever. And then, of course, you know there's partnerships as well as just outright corporations. So the most common ones we see in this industry really are LLCs and then S-corp elections, which you know, otherwise you would be an LLC. Those are the two most common and both, you know, have their own benefits and drawbacks most common, and both, you know, have their own benefits and drawbacks.
Speaker 2:The biggest benefit of an LLC over an S-corp is that it is much more simple. You know it's a disregarded entity for income tax purposes, so everything flows through to you. You file your own 1040 and you don't have to go file a completely separate return for that. You know, if you have payroll you are going to have to file your 941s, but we're just talking about the income tax element, you know, whereas if you have an S Corp, you have to file an 1120 S for your return or for your business on an annual basis and then in addition to that there are other requirements that you will have to adhere to. So you know, the biggest pitfall we really see here is where people don't know the requirement with S-Corps that you have to pay yourself what is considered a reasonable salary. So it looks at the industry standard of what someone would be making in that position and you have to pay yourself that. So businesses that aren't at the point that they're able to pay themselves a salary as the owner should not be looking into S-Corp status. It would be more ideal it is always more ideal to be an LLC over a sole proprietorship.
Speaker 2:You know, the only real benefit I can see of a sole proprietorship over an LLC or any other structure is, you know, it's really easy to start up that way If you're not going to have employees you're not, you know, as a sole proprietorship you're not going to have to file for you know, under the Corporate Transparency Act, which isn't too much work. That's something that's new and went into effect this year for businesses, where you have to file an annual report or not an annual report, but on within the first year of the program going into effect for 2024, everyone has to file. If they started their business this year, then they only have 90 days, but that is something that wouldn't be applicable to sole proprietorships. So, you know, the biggest benefit there is that it's just very simple. There's not additional filings like there's going to be with an LLC or S-Corp. S-corp will have the most paperwork involved, but it also, you know, has the most benefits.
Speaker 2:A benefit I really like about S-Corp status is that if you're in a state that has high income tax or you're also paying more than $10,000 per year in sales tax, there is no cap on the state and local tax deduction. That was capped at $10,000 under the Tax Cuts and Jobs Act of 2017. But that cap of $10,000 does not apply to S-Corps. So if you're paying a lot of taxes through your business whether that's, you know and you can also do property tax with income tax or sales tax with income tax you can't do all three, but you are able to do that and that's a really big benefit In terms of S Corp.
Speaker 2:That's probably my favorite benefit. There are other tax savings. You know you're going to be treated as an employee of the business by default under an S Corp, so you know you're not going to be subject to the self employment tax. You can withhold FICA taxes through the business, and that's another big benefit there. So those are just, you know, some of the highlight points that I like to touch on with S Corp, llc and sole proprietorship. I don't know if you want me to go more in depth. I know there's probably a lot of topics to cover, so I don't want to go on too long.
Speaker 1:No, I mean, that was. That's awesome just to kind of hear again, just again, some of the benefits too to because I think a lot of people probably typically think they probably based it around the fact that, oh, I have to be a certain size in terms of sales or a certain size in terms of employees to be able to maybe classify myself in one of these ways outside of sole proprietorship but either LLC, S Corp or anything beyond that, and that's really isn't necessarily the case.
Speaker 2:Correct. Yeah, so you don't need any employees with an LLC, you don't need to treat yourself as an employee with an S-corp. You know you yourself would need to be treated as an employee because you're going to need to receive a reasonable salary, but it can just be you as an S-corp. So that's a common misconception. I'm glad you brought it up. But yeah, there's no limit on having a minimum number of employees. So it's yeah, it's really. It just comes down to if you can pay yourself a reasonable salary or not. You know, that's really where the determining factor is of if you should be doing an LLC over S-Corp, because generally, other than the fact that there's more filings required for an S-corp, it's generally always better to be an S-corp because there are more tax savings.
Speaker 1:Awesome.
Speaker 1:So you know that alone.
Speaker 1:I think, you know, I could end the podcast right here and be in great shape, because you've already, I think, given us things to think about that we might not normally that the way we might not normally view things.
Speaker 1:So you know, and I think this also sheds a lot of light on the fact that working with someone like yourself you know, someone that knows tax law, a tax attorney the benefits of working with someone like that up, let's kind of go a little different direction, because I bet you most of your calls come when it becomes like, uh-oh, a red flag has arisen or I've got a little bit of trouble on my horizon that I can view, and that's probably when your phone starts to ring more or less than not in the setup to make sure that I'm in good shape. And we'll kind of cover both sides of this. But let's start out from this standpoint what are some of the pitfalls before we get into, kind of what happens if we get into a little bit more of a negative situation? But what are some of the pitfalls that you most often see that lead us down a road we don't want to go?
Speaker 2:Yeah. So that's a good question. You know, the most common pitfalls in this industry really number one comes down to, I would say more common than anything is have an S-Corp, you're having FICA taxes withheld from your W-2, this is not the case. But for anyone who is self-employed you have to be paying estimated tax payments on a quarterly basis, as I mentioned, and the penalties for failure to do so can cap at 25% of the balance that ends up being due and that amount is also subject to interest. So a lot of the time people end up nearly doubling what they owe just in penalties and interest, because not only is there the underpayment of estimated tax penalty, which generally is, you know, 5% per occurrence, but it accrues and it can go up to 25% and that's per tax year there's also a failure to pay penalty. So people you know they'll file an extension that from the normal 4-15 due date they'll be like okay, I don't have to worry about this until October 15th, but an extension to file is not an extension to pay. So you know that's a common issue. People don't realize because they'll have a balance due year after year because they're not making their estimated tax payment, which they're going to get dinged with on that. And then not only that, but they're also going to get hit with the failure to pay penalty, which actually the IRS just changed in the last couple of months, where it did begin to accrue at 0.5%, going up to 1% per month after they send youa notice and this also caps at 25%. They did just change that to be 5% per month and it caps at 25%. So let's say you owe $10,000 and you pay that late and you cap out you now owe $15,000 plus the interest. So you probably owe $17,000 to $19,000. So depending on when you pay it, you know, but that like it can nearly double what you owe.
Speaker 2:And then there are other penalties as well that are common in the industry. You know people do sometimes file their returns late. That's also another maximum penalty of 25% for failure to file. So failure to pay, failure to file, failure to make under estimated tax payments and then also failure to deposit your payroll penalties on time. So either employers have to either do it on a biweekly or monthly basis of doing FICA tax deposits.
Speaker 2:Sometimes people don't realize that and they think oh, these are my quarterly payments and they'll pay those on a quarterly basis, but the penalties for failure to pay on time for the tax deposits is 15 percent maximum for the tax deposits is 15% maximum. So if you're even one day late, the penalty is 2% and the longer it takes up to 16 days is how long it takes to get to that 15% cap. But like it's just you know a snowball effect of if you start paying late and then every you know payment is a little bit late, it's just going to be more and more penalties and people just they're like I don't even know why I owe this, I owe so much, and they don't see the breakdown of you know, a lot of the time it's mostly penalties. Sometimes people will have more penalties due than the interest, you know, just because. Or penalties with interest due than the tax just because it's been sitting so long. Now the interest rate for the IRS for under payments of tax it's 8% per year.
Speaker 2:So you know it's better to go out and get like a mortgage at this point, which even their rates are pretty bad. So that's the most common pitfall we see in the industry is just people not knowing how the penalties work and how to avoid them. Because you know, when you go to a tax preparer, most of the time they're only looking at your return to prepare it. They're not proactively planning for you. That's not always the case, but I would say more than half of tax preparers fail to be like hey, you're getting hit with a balance due every year because you're not making your estimated tax payments. Here's what can happen. Here are the penalties. All of the penalties are subject to interest, plus the underpayment itself is subject to interest. So they don't do that and then, year after year, they just have a liability that keeps growing and growing and growing and then eventually they just can't afford to pay it. And that's when you start to have more issues with the IRS. That's typically when we get the call is they say, hey, we owe, it's not, hey, we're. There are some people who will call and be like hey, we're. You know there are some people who are call and be like hey, we're planning for this major transaction and we're just trying to be proactive. But that's probably less than 5% of people I talk to. So you know, the big thing is people just get into the snowball impact because you know you're not. If you're not a tax professional, you're not expected to know these things really, but they affect everyone and they don't really teach you about them. So that's the most common pitfall. The second most common pitfall, I'd say, is worker misclassification, so misclassifying people as independent contractors instead of employees, you know. So that happens a lot in this industry, but really it comes down to, you know, the main issue is that if you don't withhold the proper taxes on behalf of your employees, the penalties can be super, super severe. So you know, there's all we already mentioned the failure to pay penalties and all of that, but there are a lot of different other penalties for workroom misclassification.
Speaker 2:So if it was unintentional, you know it can be about. It can be a hundred percent of the taxes due, plus additional penalties. If it's intentional, they can also incarcerate you for up to one year, and there are a lot of different penalties involved, you know, because there will also be possible penalties from the department of labor that range from $10,000 to $25,000 per employee. And then it's, you know it's 100%, for both intentional and unintentional. It's 100% of the matching FICA tax and then 40% of the FICA that wasn't withheld and then 1.5 through 3% of the wages for failure to withhold if it's intentional and if it's unintentional. So you know it just like adds up, like. I can't even give you a total number on that.
Speaker 1:I was just doing math in my head. I'm like, oh my word, that gets it just. It's a snowball. I mean, it just starts to really. It keeps gaining momentum the farther it goes. So when you're talking about misclassification, just for clarity on my end, I'm interpreting that as the idea of we're talking about someone who might say oh well, they're a 1099 or independent contractor right versus an employee. You don't make that decision as the employer, like, that is that's out of our hands. I think a lot of times and you know, correct me on the areas where I might be on on the right track and areas that might be a little bit off. That's why we've got you on the podcast to get more, to get all of us more clarity. I think a lot of times it feels like most employers feel as though, well, they make that decision because this is how they'd like it to be done and that's just not how it works, is it?
Speaker 2:No, yeah. So you know there's a bunch of factors the IRS will look at. They're really looking at the behavioral control, financial control and the relationship of the parties. So you know if you're saying, hey, you have to come in tomorrow 10 to 6, you know that's not someone who's independently working, they're not setting their own hours. You know if you're providing them the equipment, that's not someone doing it independently.
Speaker 2:For example, if there's a contract that says you know, hey, you're an independent contractor and you are responsible for your own equipment, you have to pay a contribution towards use, whatever it may be, you know that points towards an independent contractor. So there's a ton of different factors to go through. But really, like you said, it's not the employer's determination. You're either an employee or you're an independent contractor. And being familiar with what that test looks like is very important before you classify someone as an independent contractor, because there is a mechanism it's called a form SSA where the worker can just request for the IRS to determine their worker status, and that can happen on the state end as well. So there's a state version of that. So it can happen from either. But at that point you know it's very hard to come back from once the IRS audits you for worker classification, because that's when it becomes either.
Speaker 2:It was an intentional or unintentional, and what are your penalties going to be based on that? You know. So people don't realize that it's such a big issue because then they'll have a disgruntled worker that leaves and they're like you know what I shouldn't have? I should have had them withhold my FICA taxes. Now I have a larger tax liability because you know, obviously as an independent contractor you're fully liable for your self-employment taxes. So again they have to make their own quarterly estimated tax payments and you know it's 15.4, 15.6% total for the tax that they pay, whereas as an employee 50% of that is paid by the employer. So it's always better for them to be an employee versus an independent contractor. But for employers, you know they have incentive to have independent contractors instead of employees because you know there's no overtime, there's no benefits, you're not paying FICA taxes on their behalf.
Speaker 2:So sometimes people will be like well, I can get away with it, like no, no one's going to know, or what's the difference, and they don't realize like the snowball effect it can have.
Speaker 2:You know the good thing is if people have been misclassifying their workers, there is a voluntary disclosure program through the IRS. So you can generally you don't forego all of the penalties, but you can forego most penalties altogether. You know they're going to want repayment of the taxes and all of that, but then they're not going to be looking at it from the perspective of you didn't disclose this. You know, if you come to them and say, hey, like I'm trying to fix this issue, I didn't know. You know it's not the end of the world, but I don't ever recommend, people will be like, well, I'll just roll the dice, like you know. How are they going to know? They haven't caught me this long, but the IRS is catching up. Their technology is improving quickly and all it takes is one worker to file that form and it can literally destroy a business, especially if they find you to be intentional, because, like I said, they can literally incarcerate you for up to a year and the penalties are very, very, very severe.
Speaker 1:So not to freak anyone out, but it's just. Well, no, I think it's listen, I think a little freak out is also a little bit important as part of this, because this is what we want to avoid. So let's let's kind of continue that conversation a little bit is the idea of, let's say, you have fallen behind on some taxes. Let's say you're late with some payments. Let's say, you know there's some situations like that going on, as you just mentioned about. In that situation, hey, listen, here's what you can do. There's a voluntary way to help you know if we miss classifications, that, to help you know if we miss classifications, there's ways to kind of make that be not as painful as it possibly could and get right. What about situations where you know what? Maybe someone that is listening or something like that, is saying you know what, I know I've fallen a little bit behind. I know this, I know this. What would some advice that you would give to people that might be in a situation that is a negative situation?
Speaker 2:Yeah, so definitely, you know, don't? It's not something you want to bury your head in the sand with. You know, because a lot of people are like, oh, I just want to avoid it, I don't even want to look at the notices. But after a point, procedurally the IRS can enforce the collection where they can. You know, garnish your wages or any payments coming into your account. They can levy assets. Typically they go for bank accounts and you'll discover that after the fact, when they've already done it, you know you'll go to like, go in your bank account and be like where'd all my money go? You know they'll send you notices of intent to levy, but they won't tell you when they're going to levy. So it's kind of a gamble there. They can file tax liens and if you owe over a certain point it's about it's either around 52 or 62,000, with tax penalties and interest due combined they can suspend or seize your US passport. So they can literally strand you in the US and make it so you can't travel. So that is a change that's happened in the last 10 years. It wasn't something they could always do, but that's a really powerful enforcement tool they have now. So you know, but if you get into what's called a reasonable collection alternative. None of those things, minus tax liens, will happen as long as you stay compliant. So that's what a lot of people don't realize is the IRS is only scary if you ignore them, like if you do try to resolve it, even if you can't pay it in full.
Speaker 2:There are resolutions, you know. So number one, most common that people know about, is installment agreements. It's literally a payment plan. You know you can pay depending on how much you owe. You don't have to submit financials sometimes. Sometimes you do, and then sometimes they'll let you pay it, even through the collection statute expiration date, because the IRS, they only have 10 years from the date of assessment to collect the tax. You know, absent there are some tolling events that can pause that and extend it a little bit, but if they don't collect it within that date then they have to write it off. So they do have the payment plan options that will go through the collection statute expiration date. And then another really good option that you know is actually pretty common in this industry is the offer and compromise option. There's four different types of offers.
Speaker 2:One is doubt as to liability. You're coming to the IRO saying, hey, I'm disputing that I actually owe this. Here's the proof. I don't know it. You're coming to the IRS saying, hey, I'm disputing that I actually owe this. Here's the proof. I don't know it.
Speaker 2:More commonly is the two doubt as to collectability and then doubt as to collectability with special circumstances. Doubt as to collectability is saying, hey, irs, I can't afford to pay this without suffering a financial hardship. So you're just going, based on the fact that it looks at your income versus expenses and the total amount of equity, and they're going to consider things like your ability to produce future income if they enforce the tax, your ability to produce or provide for your health and welfare, all of those things you know. And then, doubtless, to collectability with special circumstances. It's similar, but it's saying, hey, I could pay this tax in full, but it looks, or it looks like I could pay this tax in full, but I have special circumstances that it's going to create me uh, create a financial hardship for me if I actually do so. Let's say, you know you have some serious medical conditions or it's going to cause it, so you have to shut your business down and there goes your ability to produce your income completely. You know so different circumstances like that.
Speaker 2:And then the fourth one, which is the least common it's less than 2% of all offers submitted is based on effective tax administration. It's saying I could pay this in full, but I shouldn't have to pay it because of some public policy reason, and facilitating collection of this tax liability will undermine the public's confidence in the tax system. So very, very, very uncommon and very rare, you know, that typically comes out when people have been defrauded, something really bad has happened to them and it would just kind of be a wrong situation to collect from them. You know, but that's why it's not common at all, and you also have to have the ability to pay in the amount 100%. So there's four different types of options, you know. So it's very unique to the taxpayer situation. The two most common in this industry, though, are doubt as to collectability, and doubt as to collectability with special circumstances, and then the third route that people can take, but it's only really for if your insolvent is currently not collectible status. It's where the IRS will give you a two-year hold where it doesn't pause the collection statute but it does pause their enforcement actions. So they'll just send you annual reminders during those two years, and then they'll only offset your refunds during that time, but they won't do anything else. They're not going to levy you or anything like that, and then it can be renewed. But you know, it's kind of a temporary fix to a long term issue. So that really is only good when businesses are truly insolvent and have a foreseeable future of continuing to be insolvent. So those are the main. You know ways to resolve issues.
Speaker 2:Another thing I do want to touch on is penalty abatement. A lot of people don't know there is the option to get penalties abated through the IRS. There are eight different types of penalties that you can get abated, including the failure to pay, failure to file, failure to deposit your payroll, your FICA tax deposits and underpayment of estimated tax liabilities. So those are the most common penalties you'll see anyways, and they can be abated under two different programs. One is reasonable cost penalty abatement.
Speaker 2:So you have to show that you took all reasonable steps and care and prudence but nonetheless were unable to either file a return or to pay the taxes due for some extenuating circumstances. So let's say you got hit by a hurricane or you know you had a spouse die or you had serious medical conditions or your house burned down or something that really severely happened, and it doesn't just have to be those things. Those are more common, you know, but it can also be, you know, reliance on bad tax advice is one that's a little harder, but it is one of the options you know, and that's not a complete list. I'm just giving some examples. But you can do a written request and submit that to the IRS. It normally takes them about at least six to nine months to respond to that. They are very slow.
Speaker 2:And then the other option is first-time penalty abatement, which is very little known by most people. But the IRS has like a one time program where you can, as long as you haven't had penalties in the three prior years, you can, and you don't have to have any reasonableness. You can say you know what? I really wanted to buy a new car last year so I didn't pay my taxes, and they will still give it to you as long as you haven't accrued penalties in those three prior years. But first-time abatement, you could just do that over the phone and they'll just like do it on the spot.
Speaker 2:But I don't ever recommend getting penalty abatement until the liability is about paid in full, because the penalties will start to accrue again and that's what a lot of people don't realize. So you do have to be very strategic in your timing of submitting for penalty abatement. But those are the two programs. Is first time abatement, you know which I recommend, like really think that out of when you want to use it because, like I said, you don't have to have been reasonable Like you can save it, for hopefully you never have a situation where you like forgot to pay your taxes. But if you did forget to pay your taxes, you know you could just save it because that is not reasonable cause. But yeah, that's those are some of the collection alternatives, just in a nutshell.
Speaker 1:I love the fact that you deliver all of this news with a smile on your face, like the whole time you know here's what I'm getting out of this.
Speaker 1:As we start to kind of wrap things up here, I think one thing to me is becoming extremely clear is the idea of having someone that's a tax preparer, such as again, we think about our accountants and things like that is a much different person than like we're talking with you, someone that can help you plan, make a plan for what's happening in your company, a plan for taxes, because we don't wanna be in these types of situations that we discuss. We don't wanna get be in these types of situations that we discuss. We don't want to get into this negative situation. So, as we wrap up, I'm going to ask you for I want to end on a positive note with this Give me two things that you would say. Hey, listen, here's what I would advise when it comes to just being proactive in the life of a business, a life of a business owner. That what would you say? Proactively, let's stay on the, let's make our lives easy, let's stay in the good course. What are the two things that you would jump out to you?
Speaker 2:So you know I always recommend people meet with whoever does their tax planning or get someone to do tax planning. You know, on either a quarterly or semi-annual basis, of just sitting down and being like all right, what are your profits looking like this year? You know we need a plan for like. Are you going to have a large liability? Is there anything we can do now to reduce that? You know whether that's purchasing new equipment, which is under section 179, which you can immediately depreciate things like that of bringing down your liability.
Speaker 2:Are you missing any tax credits? The work opportunity tax credit, for example, commonly missed. We didn't really talk about it. I won't go into it too much, but that's one that's commonly missed in this industry as well. And just having these either quarterly or semi-annual check-ins of what your business plan is, what your profits are looking like, where you want to take things, and then just making sure you are on track to have your taxes paid in full before the time the return is actually due, because you don't want to accrue any penalties because, as you know, I think we've all learned they add up really, really quick.
Speaker 1:So I was going to say you illustrated that very clearly, but that's awesome. I mean, this is what we need. So, tina, this has been a fantastic time with you, obviously, a wealth of information. If someone is listening and they wanted to connect with you and dive in more into their situation and have some questions that are specific to them, what's the best way to to, uh, to get in touch with you?
Speaker 2:Um, yeah, so they can go to our website or um send us an email.
Speaker 1:So maybe, if you want, I can do like a quick screen, share with it and then yeah, what we could do is uh, we can put that in uh in the link in the description. So description. So, we'll definitely do that. So, like I said, if you want to connect with Tina, we'll get all of her information. We'll put it in the description and you'll have that. And if you want to reach out, that's awesome. Any last as we wrap everything up today, any last thing you'd like to share with the listener?
Speaker 2:No, no, I appreciate it and thank you for doing this information share. I just know spelling my last name isn't always easy, but this has been a pleasure. I hope you guys learned something and, yeah, I appreciate your time as well, it's been awesome.
Speaker 1:I know it's been helpful to me and I'm sure it's been helpful to everyone else. So thank you, tina, and thank you to everyone that listened in. We look forward to seeing you on our next podcast. Until then, have a great day.
Speaker 3:Thanks again for listening to the Beauty Business Strategies Podcast. If you liked this episode, be sure to hit follow To learn more about how strategies can help create more fun, profit and growth potential for you, your company and your team. We invite you to schedule a free 60-minute strategy session by clicking the direct link in the description of this episode.