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Only on SkinInc.com: Exclusive commentary from Myra Y. Irizarry of government affairs for the Professional Beauty Association, on how this tax credit would benefit your spa financially.
As reported by the Professional Beauty Association (PBA) and the National Coalition of Estheticians, Manufacturers/Distributors and Associations (NCEA), the skin care industry needs your immediate action.
The Small Business Tax Equalization and Compliance Act has been introduced. This act will provide the beauty industry a dollar-for-dollar tax credit on FICA (social security and Medicare) taxes paid on employee tips. Click here to sign on to PBA's letter to Congress today! Show your support for the Small Business Tax Equalization and Compliance Act. Any questions? Visit probeauty.org/advocacy or contact PBA's government affairs team at 800-468-2274.
Myra Y. Irizarry of government affairs for the Professional Beauty Association, tells SkinInc.com how skin care professionals can benefit financially from this tax credit.
The Small Business Tax Equalization and Compliance Act, known commonly in the beauty industry as the FICA Tip Tax Credit, has been introduced in Congress by Senator Olympia Snowe (Senate Bill 974) and Congressman Sam Johnson (House Bill 1957). The legislation, if passed, would extend the current 45(b) FICA tax credit to salon/spa owners—a credit granted to restaurant owners in 1993—while providing equality and increased compliance for America’s small businesses in the salon/spa industry.