ShearShare, the largest provider of on-demand salon and barbershop space rentals worldwide, announced a new financial tool that helps cosmetologists and barbers automate their taxes. According to a recent press release, ShearShare partnered with industry leaders Track Technologies Inc. and Elite Beauty Society to remove the costly financial hurdles that beauty professionals often experience when operating as a solopreneur. The beauty tech startup launched in 2015 by husband and wife co-founders Tye and Courtney Caldwell to match hairstylists, cosmetologists, and other licensed professionals with salon owners that have empty chairs or booths in which to work.
How does it work?
The app-based platform will instantly detect when a stylist gets paid and give them the option to set aside taxes they owe with just one click. It also helps stylists pay the correct amount in taxes by turning their business expenses and mileage into deductions and it helps them avoid fines by submitting tax withholdings on time to the IRS. Additionally, the platform will provide a discount for comprehensive liability insurance that follows the stylist wherever they practice.
“In the United States alone, beauty and barbering account for a growing percentage of the small business employment share,” said Tye, CEO of ShearShare, in a statement. “As we continue to outpace the traditional sector for jobs growth, it is unnerving to see our proprietary data show only a 59% confidence level when it comes to taxes and insurance. We asked ourselves, ‘how can we create an accountant in your pocket and provide mobile insurance coverage?’ Two items that are perceived financial strongholds. With this new release, we are doing our part to meet freelance professionals where they are and educate them on the benefits of mitigating risks while organizing business finances. As the largest provider of jobs and wealth creation for beauty and barbering professionals, the ShearShare team strives to contribute to a more socially and financially inclusive world.”
“It’s clear to us that ShearShare truly cares about their members. Our teams have been working closely together to make tax surprises a thing of the past,” said Trent Bigelow, co-founder & CEO of Track Technologies Inc. “This marks the first-of-its-kind tax automation benefit for beauty and barbering professionals.”