Small Biz Ahead
A Podcast By Small Business Owners, For Small Business Owners
1 year ago

How a New Tax Credit Could Benefit Small Businesses in the Beauty Industry

Episode Notes

Hey everybody, this is Gene Marks, and welcome to this week's episode of Small Biz Ahead, my podcast that I do with The Hartford every week and even more often. This week though, I want to talk about a little bit of advice for you if you are in the beauty salon business and also other businesses that provide, where their workers get a lot of tips. There is a potential change that might really benefit you and it's related to a new bill that was introduced just recently by two senators, a bipartisan bill. The bill was introduced by Senator Tim Scott, a Republican from South Carolina, and the co-sponsor was Senator Ben Cardin, a Democrat from Maryland, and it has to do with tipping in the hair salon and barber shop and beauty industry. How big is this industry? It's like pretty huge. There's like almost a million and a half small businesses that operate in that industry, with about 80% of them are very small businesses, and a significant number of them are minority owned.

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