Knowledge about NAICS Codes
Knowing your NAICS Code is the first step to filing your Schedule Cs, or IRS Form 1040, which is the schedule a sole proprietorship, or your small firm that isn’t incorporated as a corporation, submits to record revenue and losses. Any business, regardless of its structure, will be given an NAICS Code.
The IRS and other government organizations use the NAICS Code (North American Industry Classification System) to catalog your company. It is the federal standard for business classification. Psychic services are typically categorized under NAICS Code # 812990. (See this; conduct a search for “ESP (Psi services.) I would anticipate that the majority of tarot experts, particularly those who advertise their services as psychic, would use NAICS #812990 ” (also titled “All other personal services).
Both “All other professional services,” NAICS Code # 541990, and “Other personal services,” NAICS Code # 812190, are acceptable categories for your tarot business. Both codes are also applicable to tarot practitioners who provide intuitive, spiritual, or life coaching services or who teach tarot. Since writing makes up the majority of my tarot work and writing is how I am paid for it, I classify as a writer “Individual performer, writer, or artist, NAICS code 711510.
Choose the Code that most accurately describes what you do if your professional tarot business combines some of the aforementioned aspects, as it most likely does.
You require tarot cards to operate a professional tarot business. The good news may be the best ever. Your recent purchases of tarot decks are now deductible as tax-deductible capital expenses. And if you want to run a professional tarot business, you need more than one deck since you need a variety of decks to pick from for each customer and each query. Just keep in mind that the IRS requires exclusivity; for more information on this issue, go here; this means, for instance, that your personal reading decks that you never use for professional readings won’t count.
Tarot readers require tarot reading cloths, incense, candles, crystals, and gemstones (yep, we’re going with that; we require these as part of our professional services; what, you didn’t know that?) So, yeah, all of theseitems are now suddenly tax deductible in order to effectively give our tarot readings. Everything you need to create a private place for your tarot reading “atmosphere as a qualified reader are currently tax deductible. All of your business’s capital expenses, such as stationary, office supplies, computers, website hosting fees, and Internet service providers, are tax deductible.
Again, the main criterion is exclusivity. It’s acceptable if you don’t use your home Internet service provider exclusively for your tarot business; just figure out what proportion of your usage is related to your tarot business. Keep in mind that reading tarot websites, going to tarot forums, and communicating with clients or potential clients via email are all now considered business expenses. Tarot forum visits and blog reading are examples of market research and professional development. So. What proportion of your home Internet access is used for your tarot business, taking all of this into account? 50 percent or so? Yeah? Then you can deduct 50% of your Internet bill from your taxes.
As a tarot reader, I’m presuming you now have a home office or other area in your home where you conduct business. Home office usage is tax deductible. On how to calculate it precisely, you should speak with a tax expert, but these are the fundamentals. There are two approaches: the usual approach and the streamlined approach.
As of this writing, the simplest option is to deduct up to 300 square feet of your home at a rate of $5.00 per square foot. Consider that your 300 square feet of home are dedicated to your professional tarot practice. You can claim $1,500 in tax-deductible expenses each year. If you only use 150 square feet, the cost is $750.
The standard procedure is to compute the dollar cost of that based on the actual expenses of your home, which you must be able to demonstrate with records, and to establish the percentage (percent) of your home that is used.
Let’s say your lease agreement and rental payments are proof that you are paying $2,000.00 in rent each month for 1,200 square feet of living space. Say you use 150 square feet of the 1,200 square feet for your tarot readings and other professional tarot services. This is the desk area where you conduct your Skype readings, arrange your playing cards, write most of your tarot blog posts (which is a component of your marketing and branding efforts), etc.
Therefore, you’re using 12.5% of your rental property to provide business tarot readings. $250 is 12.5% of your rental fee. Oh, and by the way, these are all offered solely as examples. My math is awful. I could have made a huge calculation error. Please only make the major point of this.
You are free to choose between the standard approach and the streamlined way, according to the IRS. Do the arithmetic for both approaches using your particular business scenario, and then choose the one that will benefit you the best.
Keep in mind that in order to claim a deduction for home office use, the space in question must be used solely for business purposes. It is not valid if not. So you can’t utilize your family room, for instance, especially if your family is using it. The only exception to this rule is if you use that area of your house for storage or business purposes. For instance, you might keep all the equipment necessary for your tarot reading services there, along with your deck of tarot cards. Tax deductions apply to that. See here for further details.
Every time you drive around town for tarot-related services or professional engagements, you should be keeping track of your mileage. The mileage accumulated for traveling to and from tarot classes contributes toward continuing education requirements for tarot professionals. Of course, traveling to and from tarot readings counts. Start keeping track of your mileage while you drive to and from restaurants, pubs, and other locations where you’ll be doing tarot readings to the public. Driving to and from tarot conferences, psychic fairs, and other expert tarot reading events all counts. Parking fees and most other travel expenditures are tax deductible (since you are now a professional tarot reader, you can now deduct hotel stays and plane tickets for attending tarot-related events).
You multiply the miles by 56 cents per mile when it comes to mileage (at least as of this writing; note that the dollar amount changes year to year). This means that if I drove 250 miles to and from a psychic fair where I was providing tarot services, I would be able to deduct $140 from my taxable business expenditures. You should keep a log of your business mileage in your car’s glove box. I’ve got a free download of a sample log table here (you can find it under the Tarot Worksheet Downloads tab on this website).
This is also enjoyable. Entertainment costs that you pay for in the regular course of operating your tarot business are deductible. Most businesspeople and professionals must occasionally entertain clients and potential clients, thus those costs are deductible as entertainment expenses. For tarot professionals, entertainment costs can include a luncheon with a colleague, mentor, or mentee. It might be a gathering of all the local tarot readers at a classy eatery.
Just keep in mind that the cost of the entertainment must be reasonable and that it must be something that the majority of tarot readers would do as part of growing and maintaining their tarot business. There must have been significant conversation about tarot and tarot business at that gathering, and it must be directly relevant to your professional work as a tarot reader. But, seriously. Most tarot readers will find these requirements to be easy to follow.
Remember that all of the expenses you incur for tarot conferences, psychic fairs, tarot professional association dues and other related membership fees, tarot classes, purchasing tarot books (to further your tarot education), and other educational books you purchase to develop your tarot business are tax deductible professional expenses.
Keeping a ton of records is crucial. Save all receipts going forward that have anything to do with your work as a tarot professional. I maintain my data in file folders and a filing cabinet, but I’ve seen small enterprises get by with little more than a shoebox. Whatever functions. To be able to prove every item you’ve claimed as a business expense is the goal. Observe contracts, billing statements, canceled checks, invoices, and receipts.
Keep flyers or well recorded information on the who, what, where, when, and why of a specific expense as a last resort. That is usually appropriate as well. Additionally, if the expense is less than $75, you won’t typically be arrested for lack of documentation.
These tax-deductible company expenses play a big role in explaining how and why so many of these large firms that you hear about and who are supposedly making tons of money lawfully pay no taxes. Even though the majority of tarot professionals won’t be working on that scale, knowing these fundamentals will still be quite helpful.
In This Article...
Is an LLC required to read tarot cards?
Starting a limited liability company can be advantageous for some tarot reading businesses (LLC).
Depending on whether the business is more of a hobby (and you intend to keep it that way) or a real business, an LLC may or may not be appropriate for this kind of endeavor.
You can safeguard your personal assets, expand your tax possibilities, and build your reputation by establishing an LLC for your tarot reading business.
Why Should I Form an LLC? The advantages of an LLC are covered in my Tarot Reading Business guide, along with instructions on how to create one.
Is tarot reading a successful industry?
The person who regularly seeks advice and books weekly or monthly readings will be your best customer. Tarot parties can generate tremendous revenue for a few short hours, but they are challenging to book. Clients from diverse socioeconomic backgrounds can be found. You only need to locate those who are open-minded and willing to receive the knowledge given to them.
What should my tarot business be called?
Here are a few of the most creative and memorable tarot business names:
- superior to tarot
- brand-new Tarot card
- blissful individuals
- Test out a love psychic
- Tarot of Nature Shade
- University Tarot Card
- New Age Tarot Card
- Inside of a Tarot Card
- Diamond Black Tarot
Can you sell Tarot readings on Shopify?
Tarot cards can be sold to customers directly through your own online business, such as a Shopify website. To increase your online reach, you can also sync the social media profiles for your products. On Shopify, can I sell tarot cards? Yes, you may open a Shopify store and sell any kind of tarot card.
How much do tarot readers make a living?
I did my reading at my Connecticut home and a few nearby stores. A basic reading costs $50 for 30 minutes. My readings are entirely present-oriented. The cards serve as a tool to show you the elements that must be taken into account while making a choice. They draw attention to potential advantages, obstacles, supporters, and opponents. A good reading can support previous decisions and direct your future decisions.
Know the Tarot card meanings!
Surely this is evident. But even those annoying court cards must be easily readable! without pausing or consulting a book. Your intuition and experience will develop with time, and your individual relationship with the cards will flourish. But first, you must comprehend the subtleties of significance for each card in respect to various topics and positions. The cards do have their own unique meanings, which should be respected even though you are supposed to interpret them.
You rarely draw a blank when doing a reading.
Hey, sometimes even the smartest among us struggle to link two cards, or we might utilize a card incorrectly. Although you should be past the point where it frequently occurs, it will still happen. When those blanks do happen and you have a client on the phone or in front of you, you need to have your own approaches and strategies ready to go.
You need to have at least three spreads that you can comfortably work with.
Being only familiar with the Celtic Cross is insufficient. I can say from experience that not every circumstance calls for spread. You should have a variety of spreads in your Tarot deck, ranging from intricate designs for in-depth analyses of lengthy readings and challenging queries to quick, three-card spreads for analyses of 15 minutes or less. As the session is just getting started, you also need to determine what spread will be acceptable at that precise moment. Additionally, I advise keeping Yes/No spreads at the ready because you will likely encounter this kind of inquiry.
You must be able to synthesize the cards.
When the reader uses every card in every position to convey the tale of the layout in relation to the question, that is when a reading truly embodies the art of tarot. This goes much beyond simply listing each card’s meaning without connecting them. Not a reading, that A laundry list it is! Your intuition and card-reading experience will combine in the synthesis to help your client see the bigger picture of their inquiry. There are no exceptions; this is true for all spreads!
Know how to do an entire reading.
Again, this sounds like common sense, no? But even the most experienced Tarot reader can overlook the fact that a reading actually starts the moment a potential customer contacts you or sees your website. If you plan to practice this professionally, you must have a system in place for enrolling clients and answering their initial inquiries. The reading comes next. How do you welcome your customers? Do you ensure their comfort? Identify the root of their problem? How do you end a session after reading the cards? Maintain contact? Respond to follow-up inquiries? How do you handle it if your client is upset as they leave? The most prosperous readers approach their work as professional Tarot readers as a business.
Know what kind of Tarot reader you are.
Understanding your underlying relationship with the cards is necessary for this. What sort of readings are your favorites? You might thrive at reading for difficult subjects or at reading quickly and efficiently. Do you believe in fate, free will, a blend of the two, or any other concept with regard to Tarot that others may not share? Do you wish to discuss particular subjects, such as pregnancy, disease, or demise? Play to your skills as a reader in order to draw the kind of clients who are a suitable fit for you.
Have strategies for difficult and disappointed clients.
Despite our best efforts and sincere desire to please our clients, you will encounter problematic clients in your practice. Tarot readers occasionally draw irate people as well as a fair amount of doubters who enjoy disproving others. You can also find someone who has a vested interest in hearing a particular response. They might lash out at you if they don’t get that response. If you’re sitting next to a volatile person, you need to have your own strategies for maintaining composure and controlling the situation. Although it won’t happen frequently, you must be prepared to handle it.
Practice with strangers.
It is a significant and crucial step to practice reading aloud to strangers after reading for your friends and family. Find a way to give free readings and record the time you spend doing it for unrelated strangers. You can determine what kind of reader you are (or aren’t) by doing this, and it will also help you build confidence and intuition. This will help you comprehend people’s inquiries and reactions. Try reading aloud at a holiday party, cafe, or street fairjust be sure to acquire permission first!
Professional Tarot reading is fulfilling in ways I can’t adequately put into words. If you heed the advice above, you will get the self-assurance necessary to become a fantastic reader who earns a good living from their work. And without a doubt, spend money on expert readings from others. You will pick up a lot of knowledge regarding reading preferences, your own, and client interaction techniques. Why not consult a Tarot reader today on Keen?
What do tarot card readers earn in terms of money?
Tarot reading fees can vary. Expect to charge $5 and up for each reading. A select few individuals appear to make up to $250 for each reading.
What you charge depends on your background, reputation, the type of reading you provide, and your delivery style. For instance, email readings are frequently less expensive than in-person or Skype readings.
I began by giving out $5 three-card readings and in a month worked my way up to $20 readings. These were far more intricate and elaborate, and I had established a solid reputation.
People enjoy great discounts. After I stopped providing free readings, I provided services like “readings are two for one if a person books and pays for a buddy. I also provided “I offer complimentary three-card readings to prospective clients as an icebreaker.