Tax Deductions for Barbers
Barbers receive 1099 forms if paid over $600 for services. Location impacts income. Apprentice barbers earn less than experienced ones. Barbers with more clients earn more.
The IRS requires filing Form 1040 for self-employed citizens. To write expenses off, barbers complete IRS Form 1040. Expenses like advertising, equipment, insurance, supplies, and uniforms can be written off. Education expenses may also qualify for tax credits up to $2,000.
To write off your barber expenses, you must complete IRS Form 1040. Enter your business expenses in the 1040’s “Deductions” section. You can take a standard deduction if your total expenses do not exceed the set dollar amount allowed.
Tax Savings and Strategies
How much can a barber write off on taxes? If you purchase a barber chair for $1,500, for example, you can depreciate that cost over 5 years. If you go for a section 179 deduction, you could deduct the entire $1,500 in the first year (provided your total section 179 deductions don’t exceed $1,000,000 in 2019).
Becoming a Barber
According to national occupational employment statistics from the Bureau of Labor Statistics (BLS), the mean hourly wage of a professional barber is $14.65. Barbers in the 90th percentile of this profession make a mean hourly wage of $23.31.
The license requirements to become a barber vary by state, but on average it takes around 1500 hours of instruction in a barber school to be permitted to sit for the exams. You will also need to be at least 16 years old, have a high school diploma or GED, and pass the appropriate licensing exam.