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SEARCHWhile the House of Representatives included both No Tips on Taxes and the 45B Tip Tax Credit in the tax bill, the Senate omitted the Tip Tax Credit. This is a serious problem as reported tips would increase under the new policy, so will the FICA tax burden on owners. Find out how to take action before June 25th!
The professional beauty industry has a Senate problem. While the Senate’s latest tax legislation includes the No Tax on Tips provision, it breaks with the tax bill passed by the House and fails to include the 45B FICA tip tax credit for salons, spas and barbershops.
This presents a serious problem. As reported tips increase under the new policy, so will the FICA tax burden on the industry’s small business employers, without relief in the form of the tip tax credit which restaurants have received for decades. In other words, the very policy designed to help Main Street workers may instead undermine the Main Street businesses that employ them. As a result, this could end up hurting tipped workers by weakening the businesses that employ them. Time is short, and your voice matters. Here’s how to use your voice before June 25th!
Senators are home for the Juneteenth recess—call their local offices, request a meeting and send a direct email. Of those, a polite but serious call may be the most powerful. Follow it up with an email.
Let them know that excluding owners from 45B makes No Tax on Tips detrimental. While owners were looking forward to the benefit of their employees gaining the federal tax deduction, without 45B tip tax credit, No Tax on Tips does real harm in this industry specifically. The Senate can fix it by adding the beauty industry to Section 45B during final bill negotiations.
Explain how salon business works. Tips are counted as wages for payroll tax.
Emphasize the tax strain you will face if rising tips are not offset with the 45B tax credit.
Use any only online portals to send letters and make calls. Customize your message with your own story. Authenticity has an impact.
The industry has lobbied hard to gain this tax credit for owners, and they need your voice to carry it through. Use this link to act now.
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