10-Minute Guide: What the New Tax Bill Means for Your Salon Business

While the bill hasn’t passed the Senate yet, Chris highlights the major provisions salon owners should be aware of  including potential tax-free tips for employees and a new tip credit available to salons for the first time. He also touches on changes to bonus depreciation, 1099 rules, SALT deductions, and the Employee Retention Credit (ERC). Stay tuned for updates as the bill moves forward!

Meet the author

Chris Wittich

Chris Wittich started his career with Boyum Barenscheer in 2007 as an intern, became a partner in 2020, and is now a partner in our Business Advisory Services department.  He completed his MBT degree from the University of Minnesota and became a licensed CPA as he started his career.  He took a primary role in the firm’s response to the COVID legislation helping clients with PPP and ERC.  He works with primarily the salon industry helping empower business owners so they can understand their business and thrive on their own terms.

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