Question

Independent stylist with Color Street

Forum|Forum|2 years ago
August 30, 2023
2 replies
0 views

I am an independent stylist with Color Street. When purchasing gifts and giveaway items such as a tumbler, face masks, nail files, etc. Would you classify those as advertising expenses? Also, I do not do inventory I purchase all my nail sets to use as giveaways or I will put on a set on and post it in group for advertisement. Can all my sets be wrote off as expenses or advertising? If you put that you had an inventory because you thought you had to can you change it to no the next year?

Ask the Experts - Self-Employed - Aug 2023

C

cabusby

Yes, your giveaway items can be classified as advertising expenses. It's additionally not necessary to carry an inventory on your supplies. They can be listed as expenses and deducted from your income.

https://turbotax.intuit.com/tax-tips/self-employment-taxes/work-as-a-hair-stylist-tax-tips-for-hairdressers/L2do5YTxP

C

cabusby

Here is a link to common deductions for your industry. https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-calculator-2021-2022-50907/?_gl=1*ugcaxv*_ga*Nzg2Mzg0MjI0LjE2OTI3MTU0NTI.*_ga_J7JHVCT5CT*MTY5MzQzNjYzNy4yLjEuMTY5MzQzNzYxNi40MC4wLjA.

A

AkumherAuthor

If you do a bulk order because a couple customers just want 1 set and they are paying you for that set would you consider that commission? I buy the set then they are just paying me back.