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Everything A Salon Owner Needs To Know About One Big Beautiful Bill Act
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Salon owners can now claim the FICA tax tip credit, a dollar-for-dollar tax credit on payroll taxes paid on team tips that was previously only available to restaurant owners. This new legislation through the One Big Beautiful Bill Act gives salon owners the opportunity to redirect thousands of dollars back into their businesses or personal wealth development.
• Dollar-for-dollar tax credit on the 7.65% employer portion of payroll taxes paid on reported tips
• Example calculation: $150,000 in annual reported tips equals $11,475 in potential tax credits
• Real example shared of…
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