Proposed Legislation Aims to Exempt Beauty Pros' Tips From Federal Income Tax

Disclaimer: This is an ongoing story. Details may change as the bill moves through Congress. Proposed “No Tax on Tips Act” Could Significantly Impact Hairstylists’ Earnings A new tax bill could allow workers to exclude up to $25,000 in reported cash tips from federal income tax, and give W-2 salon owners a tax break on payroll taxes they pay for tipped employees. The “No Tax on Tips Act“ has passed the Senate and now awaits action in the House of Representatives—offering potential relief to millions of tipped professionals, including beauty pros.   Here’s How Hairstylists Will Be Impacted by the Bill: (more…)