Our CPA has informed us that there has been some tax reforms made for 2017 which changes some of the things I told you you could write off, things that I have been writing off as expenses for the last 27 years as a working makeup artist. Thank you Trump! Items that are related to the industry we work in, use as research to study makeup on the medium that we work on, such as watching films, and live performances, is now no longer considered a research expense because you can also use it for personal entertainment. We used to be able to write off 50%, but now we can’t write off any of it. This will include going out to the movies or even paying for Netflix or TV cable, or Amazon Prime unless you can prove you use it exclusively for your business, like in a salon.
That is what I understand from what he just told me. I’m not sure when this reform was made, but I believe fairly recently. Total bummer. Just wanted to let you know! Also a reminder, we are not an accredited school, so if you’re tax person asks for that type of form from us for accredited schools, we can’t give it to you. You will have to write off your education as a different expense as an entrepreneur. I recommend getting a tax person who is well experienced working with independent contractors. They will know the best way to get you the most write-offs. Good luck with those hairy taxes!