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2024 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund?

2024 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund?

Introduction:
Filing tax returns is an important annual event for individuals and businesses alike. One of the most common questions that taxpayers have is how long it will take for them to receive their tax refund. In this article, we will discuss the 2024 refund schedule and provide insights into the factors that can affect the waiting time for your tax refund.

Understanding the Refund Schedule:
The Internal Revenue Service (IRS) has a system in place to process tax returns and issue refunds. The refund schedule outlines the estimated timeframes for receiving refunds based on when the tax return was filed. In 2024, the IRS aims to process and issue refunds within 21 days for most tax returns. However, it’s important to note that several factors can impact the actual timing of your refund.

Factors Affecting Refund Processing Time:
1. Accuracy of the Tax Return: Ensuring that your tax return is complete and error-free can help expedite the processing time. Any mistakes or missing information on your return could lead to delays in receiving your refund.

2. E-filing vs. Paper Filing: E-filing your tax return is generally faster than traditional paper filing. The IRS processes electronic returns more efficiently, which can result in quicker refund processing times.

3. Claiming Certain Credits or Deductions: If you claim certain tax credits or deductions, such as the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), your refund may be delayed. This is because the IRS is required to perform additional verification to prevent fraud and ensure accuracy.

4. Accuracy of Direct Deposit Information: If you choose to have your refund directly deposited into your bank account, it’s crucial to provide accurate banking information. Incorrect or incomplete banking details can lead to delays in receiving your refund.

5. IRS Backlog and Processing Delays: In some cases, the IRS may experience a backlog of tax returns or face processing delays due to various factors. This can result in longer waiting times for refunds.

Tips for Faster Refund Processing:
To minimize delays and receive your tax refund as quickly as possible, consider following these tips:

1. File your tax return electronically.
2. Double-check your tax return for accuracy and completeness.
3. Opt for direct deposit of your refund into a bank account.
4. Avoid making errors or omissions on your tax return.
5. Be patient and check the status of your refund using the IRS’s “Where’s My Refund?” tool.

Conclusion:
While the IRS aims to issue tax refunds within 21 days for most returns in 2024, it’s important to understand that various factors can impact the actual processing time. By filing your tax return accurately and following the tips mentioned above, you can help expedite the refund process and reduce any potential delays. Remember to stay informed and check the status of your refund using the IRS’s online tools.

How to run payroll properly in Quickbooks intuit payroll 2023

QuickBooks intuit payroll 2023 is a great tool for small businesses and freelancers who want to do their payroll quickly and easily. However, setting up your first payroll can be intimidating, especially if you don’t have much experience with QuickBooks or Intuit software. In this guide, we’ll walk through how to set up your first payroll in QuickBooks intuit payroll 2023 step-by-step:

Create a payroll account in quickbooks 2023

  • Create a payroll account. The first step to running payroll in Quickbooks is creating an account for your employees. This can be done by going to the “File” drop-down menu and selecting “Payroll > Add New Payroll Item.”
  • Create a new company file if you don’t already have one set up, or open an existing one if you do have one already set up.

Create employee record in QuickBooks intuit payroll 2023

To create an employee record in QuickBooks intuit payroll 2023, follow these steps:

  • Enter the employee’s name and address details in the Employee Information tab. You can also enter their social security number here if you know it.
  • Enter the pay rate for this employee by selecting one from a list of pre-defined options or creating your own custom pay rate (see instructions below).

Set up pay rates for employees in Quickbooks intuit payroll 2023

The first step to setting up your payroll is to create the pay rates for each employee. To do this, go to Employees and click on the name of the person you want to set up their pay rate. Then click Edit next to their name on the right-hand side of your screen:

Once you’re in edit mode for an employee, click on their hourly or salaried rate under “Payroll Details” at the bottom of their profile:

Now that we’ve got our hourly/salaried rate set up for our employees, let’s move onto setting up taxes!

Setup direct deposit for your employees using QuickBooks intuit payroll 2023

To setup direct deposit for your employees, follow these steps:

  • From the home page, click Employee Center and then click Create/Edit Payroll Items at the top of the page.
  • Click New Payroll Item on the right side of the screen and select Direct Deposit from drop-down menu that appears in QuickBooks intuit payroll 2023 (you can also create a new pay date template if needed).
  • Enter employee name under “Employee Name” field and checkmark “Direct Deposit” option under “Payment Method” field before clicking OK button to save changes

Create a new pay date template in quickbooks intuit payroll 2023

To create a new pay date template in QuickBooks Intuit Payroll 2023, follow these steps:

  • From the payroll center, select the “Payroll” tab at the top of your screen and then choose “Payroll Setup” from the drop-down menu.
  • Select “Templates” from this page (you may need to click on an icon at the bottom left corner of your screen if you’re using QuickBooks Online). This will bring up another window where you can add or edit templates for creating new checks and other documents related to payroll processing.

Follow the above steps to set up your first payroll successfully in quickbooks intuit payroll 2023.

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Conclusion

We hope you found this guide helpful. If there are any questions, please feel free to reach out and we’ll be happy to help!

How to Track Your Tax Refund in 2023-JT TAX

Your tax refund is on its way! But if you’re in a hurry, there’s no need to wait until it shows up in your bank account. You can track where it is and when it will arrive by using the “Where’s My Refund?” tool on the IRS website. Here’s how:

Go to the IRS website.

  • Go to the IRS website.
  • Click the “Where’s My Refund?” button.
  • Enter your Social Security number or ITIN, date of birth, and refund amount information in the appropriate fields.
  • Click the “Track Your Refund” button

Click the “Where’s My Refund?” button.

If you want to track the status of your tax refund, here’s how:

  • Go to https://www.irs.gov/tax-professionals/tax-tools-for-tax-professionals and click “Where’s My Refund?”
  • Enter your Social Security number or ITIN (Individual Taxpayer Identification Number), date of birth, and refund amount information in the appropriate fields
  • Click “Track My Refund”

Enter your Social Security number or ITIN, date of birth, and refund amount information in the appropriate fields.

To track your refund, enter your Social Security number or ITIN, date of birth and refund amount information in the appropriate fields.

Click “Track My Refund” to get started!

Click the “Track Your Refund” button.

  • Click the “Track Your Refund” button.
  • The IRS will send you an email when your refund has been electronically deposited into your bank account.

The IRS will send you an email when your refund has been electronically deposited into your bank account.

The IRS will send you an email when your refund has been electronically deposited into your bank account.

The email will tell you how much was deposited and the date it was deposited.

It also includes information about accessing your refund online, if you choose to do so.

You can check on your tax refund if you’re waiting for it

You can check on your tax refund if you’re waiting for it.

The IRS offers several ways to track your tax refund, including online and by phone. You can also find out the estimated date of receipt from the IRS itself:

Conclusion

We hope this guide has helped you understand how to track your tax refund in 2023-JT TAX. If you have any questions, we’re here to help!

2023 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund?

You know the feeling. It’s the end of February and you’re still waiting for your tax refund. You filed your taxes in mid-January and it’s now almost March, but there’s no indication that your money is coming any time soon. Your only hope: that it gets here by April 15th at the latest! But why is there such a delay? To help answer this question and many more, I’ll go over everything we know about how long before you get your refund after filing with TurboTax.

How long does it take for the IRS to process your tax return?

The IRS processing times vary depending on the type of return you file. They also vary depending on which method you use to file your taxes–electronically or on paper. If you’re filing electronically, it can take as little as 8 days for your refund to show up in your bank account or credit card account (though some banks may hold onto it longer). If you’re filing a paper return, however, expect processing times to increase by at least two weeks over those listed above–and possibly up to six weeks!

To get an idea of when you might expect your refund check or direct deposit hit, check out the IRS website’s Tax Refund Schedule page for more details about how long it takes for each type of tax return:

When will I get my refund?

The amount of time it takes for you to receive your tax refund depends on two factors: how soon you file your taxes, and how much money the IRS owes you.

  • If you file early, say in January or February, then there’s a good chance that your refund will be processed by April 15th (the deadline). But if you wait until later in the year–say May–then it’ll likely take longer for them to process everything. This can lead to delays in getting your money back into your pocket.
  • Another factor is whether or not the IRS owes any interest on top of what they’ve already given out as part of their initial refund amount; this will affect exactly when those funds hit various bank accounts across America depending on which method people choose when they file their taxes online through eFile providers like TurboTax or H&R Block’s software platform called Tax Software For Free With No Credit Card Required!, etcetera…

What if I need my refund sooner?

If you need your refund sooner, there are a few things you can do. First, file early! The earlier you file, the sooner the IRS will have time to process your return and send out your check. If possible, try to file before February 1st (the deadline).

Second, if possible use an electronic filing service such as TurboTax or H&R Block at Home. These services allow people who are new to tax filing or don’t have much experience preparing their own returns an easy way out by doing all of the work for them–so long as they pay for it! Thirdly: If none of these options work for whatever reason (maybe because they aren’t available where I live), then my last suggestion would be trying out TaxSlayer which offers free federal e-filing but charges $15 per state return after that point.”

What can I do to speed up the process?

If you want to speed up the process, there are several things you can do. Filing early will help ensure that your return is processed quickly and accurately. It also ensures that if any issues come up (for example, if someone else already filed under your Social Security number), they’ll be caught before it becomes too late for corrections to be made.

Electronic filing is always best; it’s generally easier for both taxpayers and their tax preparers because there’s no chance of human error from handwriting or errors on forms that could lead to mistakes later down the road when they’re being processed by IRS computers. TurboTax has its own electronic system through which all returns are submitted directly into IRS databases without having anything printed out first–this helps cut down on processing time significantly compared with doing everything manually or through mail delivery methods where there may still be some manual input required after receiving mailed documents back from an agency like TurboTax itself (and even then those could arrive late).

If possible use direct deposit rather than waiting around while checks get printed out somewhere else before finally being sent off via snail mail once everything has been finalized internally within these institutions themselves

If you have a W-2, simply file with TurboTax before your deadline and get your money faster.

If you have a W-2, simply file with TurboTax before your deadline and get your money faster.

The IRS has already begun accepting returns and processing refunds for those who filed early in February. However, if you’re still waiting on your W-2s from employers or other sources, don’t worry! You can still file for an extension until October 15th (or November 1st if you live in Maine or Massachusetts).

If filing early is the best way to get a quick refund this year–and it usually is–then why do so many people wait until April? There are several reasons:

Conclusion

If you’re looking for a fast and easy way to file your taxes, TurboTax is the best option. You can file your return online with TurboTax in minutes and get your refund faster than ever before. Plus, if you have a W-2, simply file with TurboTax before the deadline and get your money faster.

Did the IRS send your tax refund yet? How to track when your money will arrive

Provided by CNET

Tax refund proving elusive? There may be a reason for that. We’ll show you two ways to try to hunt it down.

The status of your  tax return may be more important this year than ever. It’s certainly more confusing. For example, the IRS may owe you a plus-up payment if it processes your taxes and finds you didn’t get as much money in this round of stimulus checks as you should calculate your stimulus total. In addition, any missing stimulus money left from the first two checks will arrive bundled with your tax refund.

And since stimulus check delivery is the IRS priority, there could be a delay in processing tax returns, calculating plus-up payments and sending your tax refund. Even if you don’t get a refund, we’ll show you how to use the IRS tax refund tracker to see if your tax return has been processed. Note the new Tax Day deadline of May 17. Also, if you paid taxes on unemployment benefits, the IRS will start refunding that money to eligible recipients in May.

We’ve listed some potential dates in the chart below for how long it could take to get your refund typically. We suggest filing your tax return online if you still need to submit it — the IRS recommends you avoid sending in a paper return this year. We also recommend setting up direct deposit to get your refund quicker. Here’s what we know so far about a potential fourth stimulus check, how you can get more money with a child tax credit, who needs to file an amended tax form, and seven tax breaks.

You need several things on hand to track the status of your tax refund: your Social Security number or Individual Taxpayer Identification Number, your filing status — for example, single, married or head of household — and your exact refund amount in whole dollars, which can be found on your tax return. Also, make sure it s been at least hours before you try tracking your refund.

Using the IRS tool Where s My Refund, enter your Social Security number or ITIN, your filing status and your exact refund amount, then press Send. If you entered your information correctly, you’ll be taken to a page that shows the status of your refund. If not, you may be asked to verify your personal tax data and try again. If all the information looks correct, you’ll need to enter the date you filed your taxes, along with whether you filed electronically or on paper.

There’s also a mobile app, called IRSGO, that checks your tax refund status. The IRS updates the data in this tool overnight each day, so if you don’t see a status change after hours or more, check back the next day.

Both the IRS tools online and mobile will show you one of three messages to explain your tax return status.

Approved: The IRS has processed your return and confirmed the amount of your refund, if you’re owed one. Sent: Your refund is now on its way to your bank via direct deposit or as a paper check to your mailbox. Here s how to change your address if you moved.

The IRS says it issues most tax refunds within days, but many people typically get their refunds much sooner. However, this year, the IRS is reportedly facing delays complicated by the fact that it’s sending out the stimulus checks. If there are any errors, it might take the agency longer to process and issue your tax refund.

The date you get your tax refund also depends on how you filed your return. For example, with refunds going into your bank account via direct deposit, it could take an additional five days for your bank to post it to your account. This means if it took the IRS the full days to issue your check and your bank five days to post it, you may be waiting a total of days to get your money. 

If you submit your tax return by mail, the IRS says it could take six to eight weeks for your tax refund to arrive. That’s where tracking your refund comes in handy. Here are some possible dates when you could receive your refund, depending on when you filed. 

While you can technically call the IRS to check your status, the agency’s live phone assistance is extremely limited at this time, so you may wait on hold for a while to speak to a representative. Also, the IRS says you should only call if it’s been more than 21 days since you filed your taxes online or if the Where’s My Refund tool tells you to contact the IRS.

Expecting another refund after the IRS calculates the $10,200 unemployment tax break? You might want to amend your return to maximize other credits

The Internal Revenue Service says it will automatically adjust tax returns and issue extra refunds for people who already filed their taxes before a valuable jobless benefit tax break came along in March.

The IRS says it doesn’t require taxpayers to send in amended returns under the circumstances. Those payments will start going out in May and taxpayers could pocket $, due to the recalculations, according to some estimates.

But before sitting back and letting the IRS do the work, experts say some people should at least consider filing an amended return — that way, they can bring in more money they’ve suddenly become eligible for through the readjustment.

“It’s definitely worth just double checking,” said Christine Speidel, a professor and director of the Villanova University Charles Widger School of Law’s Federal Tax Clinic. In certain cases, some people could hypothetically rake in around $2,000, to $3,000, extra, based on Speidel’s calculations.

Jobless benefits are taxable income, but the American Rescue Plan contained a provision saying the feds would not assess income tax on the first $10,200, a person received in jobless benefits. The income-tax exclusion is $20,400, for a married-couple filing jointly.

Around the time President Joe Biden signed the plan, millions of households already submitted returns, IRS statistics show.

Though the IRS said it would automatically adjust returns based on the exclusion, it said it would not tweak the returns to apply for new tax credits if the underlying return didn’t already seek those credits.

Anyone who wants to access those credits based on their newly-reduced adjusted gross income will have to file an amended income tax return, the federal tax collection agency said.

Why Tax Refunds Are Taking Longer Than Usual

Tax refunds typically arrive within days of when you file your individual tax return. One reason it may take longer: if you made a mistake calculating your recovery rebate credit.

Wondering where your tax refund is? In its Covid- operations update, the Internal Revenue Service has added an explanation for why in many cases it’s taking longer than the typical days to process tax refunds for individual taxpayers. We’re talking about tax returns filed for the tax year during the tax season that opened in February and runs through May . 

May ? That’s right. individual tax returns are due on Monday, May 17 —instead of the typical April 15th due date. The delayed due date is because of the many ways the coronavirus pandemic has upended people’s lives and their tax pictures. Note: Quarterly estimated taxes for the tax year are still due on April 15th. 

So why are refunds taking longer than usual? For one thing, the IRS is still wading through the backlog of prior year tax returns. As of March 2021, there were over six million individual tax returns received prior to the current year pipeline.

There are two other main reasons returns are stuck in the unprocessed pile. For taxpayers who used their income to figure the Earned Income Tax Credit and the Child Tax Credit, an IRS employee has to validate the return. The second reason is many returns are requiring a correction to the Recovery Rebate Credit amount claimed on the return. 

Neither of these two cases requires the IRS to correspond with taxpayers, but the “special handling” means that it’s taking the IRS more than days to issue any related refund. If a correction is made on the return, the IRS will send an explanation letter.

The IRS has a whole Q&A page set up for questions related to Recovery Rebate Credit corrections after tax returns are filed. Taxpayers who were eligible but didn’t get the Round 1 or Round 2 stimulus payments from the March CARES Act and the year-end spending package could claim those payments on their tax return as a recovery rebate credit. 

If you were eligible for the recovery rebate credit but didn’t claim it, you need to file an amended return. If you entered an incorrect amount for the credit on your return, you should NOT file an amended return, the IRS says. The IRS will calculate the correct amount, make the correction to your tax return, and continue processing it. Some of the reasons the IRS is changing credit amounts include: the taxpayer was claimed as a dependent on another taxpayer’s return, there was an issue with Social Security numbers or taxpayer identification numbers, a child exceeds the age limit, or your adjusted gross income was too high.

For the quickest refund, e-file your return and choose direct deposit. To check the status of your refund, use the IRS Where’s My Refund? tool.

Revenue of the cosmetic and beauty industry in the United States from 2002 to 2020(in billion U.S. dollars)

PREMIUM

Revenue of the cosmetic & beauty industry in the U.S. 2002-2020

Published by M. Ridder, Nov 24, 2020 This statistic depicts the total revenue of the cosmetic industry in the United States from 2002 to 2019 and provides a forecast for 2020. The revenue of the U.S. cosmetic industry is estimated to amount to about 49.2 billion U.S. dollars in 2019.

Cosmetics

Since the early twentieth century, the production of cosmetics has been controlled by a handful of multi-national corporations. The global cosmetics industry is broken down into six main categories; skin care being the largest one out of them all, accounting for 36.1 percent of the global market in 2016.

In recent years, consumers have been spending higher levels of disposable income on cosmetics than they had in the past. Unfortunately, the global financial crisis put a damper on the market for some years, making more affordably priced merchandise and do it yourself at home products key in the beauty market. In 2015, the average annual expenditure on cosmetics, perfume and other personal care products among U.S. consumers dropped slightly, to approximately 164 U.S. dollars. Eye makeup products such as mascara and eye liner were among the cosmetic products with the highest number of transactions per capita.

In the coming years, global cosmetic companies will continue to focus their efforts on product innovation in order to attract new consumers and keep existing consumers loyal to specific brands.

Skin care sales in the United States in 2019, by segment in million U.S. dollars

OVERVIEW

Luxury Revenue Share in percent

No matter your gender, age, or ethnic background, everyone can benefit from investing in a skin care routine. Skin care products are unique among cosmetic products in that they are often deemed necessary by medical professionals, particularly products that offer UV protection. While many people wear no makeup or use no hair styling products, nearly everyone has some form of skin care product, even if it’s just a bottle of lotion or a tube of sunscreen.

The United States has a thriving skin care market. The two best-selling skin care products in the U.S. are facial cleansers and acne treatments, selling 316 million and 13.85 million units respectively in 2019.

Every year new and innovative products come onto the market, so it should come as no surprise that anti-aging skin care market in the United States is projected to grow substantially between 2015 and 2021. The anti-aging facial products with the largest market shareare the Olay Regenerist Micro-Sculpting, the regular Olay Regenerist, and the Neutrogena Rapid Wrinkle Repair.

U.S. consumers, 52 percent reportedly use skin care products every day, 65 percent of women in the United States use skin care products every day, compared to 37 percent of men.

The U.S.’s millennial group is aging, the younger generations have a huge impact on the country’s care and beauty care industry. The young generation tends to spend a high amount on the skincare, color cosmetics, and other personal care products for ensuring their appearance matching with their social media presence.

The rise in social media, beauty specialist retailers and e-commerce have given the brands huge opportunities for success. Demand for personal care products is increasing due to the increasing purchasing power of millennials and significant players undertaking acquisitions and divestments to remain competitive.

 Also, increasing demand for anti-aging products is propelling the growth of this market.Owing to this factor, manufacturers are focusing on launching new and innovative products, in order to increase their offerings and customer base, which, in turn, would provide them an edge over their competitors.

Revenue in the Skin Care segment amounts to US$18,119.1m in 2020. The market is expected to grow annually by 5.4% (CAGR 2020-2023).By 2020, 71% of sales in the Skin Care segment will be attributable to Non-Luxury goods

Skin care sales in the United States in 2019, by segment (in million U.S. dollars)

Key Market Trends

Growing Inclination towards Organic, Natural, and Cruelty-Free Products

Growing consumer concern is causing an increase in the demand for organic and natural skincare, and “platinum collection beauty” products. For instance, Platinum Deluxe® cosmetics announced the launch of the company’s new category called platinum collection at Platinum Deluxe, that clearly establishes which of their products are formulated without controversial ingredients. Those that meet Platinum Deluxe ingredients guidelines are termed as “platinum collection” and receive the retailer’s platinum collection at Platinum Deluxe. Similarly, consumers in the market tend to prefer products with the label ”cruelty-free”, denoting that animals are not harmed in the testing of such products. For instance, Wet n Wild is a popular cosmetics products brand in the United States that markets its products as cruelty-free. Moreover, in recent times, there is a sharp rise in the number of beauty blogs and social media accounts that are committed to the benefits of going chemical-free, which has worked in favor of natural and cruelty-free products by enhancing consumer’s information.

Increased Spending of United States Consumers on Beauty and Personal Care Products

Consumer spending towards cosmetics and other personal care products has witnessed a rise. For instance, according to data published by Bureau of Labor Statistics, the average annual expenditure on cosmetics, perfume and bath preparation products per consumer unit in the United States is forecasted to grow at a CAGR of 5.55% in the period 2015-2017. Due to the increase in advertising and promotional activities, the consumers in the United States are still buying these cosmetics. Additionally, often the advertisements are focused towards a specific age group, such as adolescents or ageing-women, in an effort to influence and target specific population groups. Due to frequent product innovation in the market, consumers are being introduced to new types of products, and trying them out. Consumers generally want to ensure that they buy products that suit their skin or hair type and thus, product trial is important in the cosmetics market. Thus, companies such as Avon and Estee Lauder Company have been increasing their marketing expenditures towards such activities in recent years.

Changing lifestyles

Improvement in the current lifestyles of the individuals is majorly affecting the cosmetics market. Consumers have now become more conscious regarding the usage of cosmetics in their daily life in an effort to step up their style quotient and overall personality. Cosmetics play an important role in enhancing one’s inherent beauty and physical features. Men are also increasingly using cosmetics in their daily routine including various types of fragrances and deodorants. This growing demand of cosmetic products has in turn led to the growth of cosmetics market across the world.

Rising GDPs of all the regions

During recession 2007-2009, there was an overall global rise in GDP and economies across various regions. Presently, increasing GDPs of various countries is positively affecting the global cosmetics market. Continuous rise in GDP has improved the economies of various countries and has raised the spending capabilities of individuals. Rising disposable income levels of the individuals across various regions is driving them to buy personal luxury goods, which, in turn, is positively influencing the global market growth.

Competitive Landscape

Major players in the United States beauty and personal care products market include Unilever, Loreal, The Estee Lauder Companies Inc., and Proctor and Gamble with popular brands such as  Dove, Maybelline New York, M.A.C., and Olay.

The market is highly competitive with players actively competing in terms of new product launches, mergers and acquisitions, expansions and partnerships. Additionally, leading players are investing heavily on research and development to come up with product innovations. 

 PLATINUM DELUXE COMPETITORS

  1. LOREAL

L’Oréal manufactures and sells cosmetic products for women and men worldwide. It operates through four divisions: Consumer Products, L’Oréal Luxe, Professional Products, and Active Cosmetics. The Company offers shampoos, hair care products, shower gels, skin care products, cleansers, hair colors, styling products, deodorants, sun care products, make-up, perfumes, etc. L’Oréal provides its products under the L’Oréal Paris, Garnier, Maybelline New York, NYX Professional Makeup, Lancôme, Yves Saint Laurent Beauté, and other brands.

Founded in 1909, the L’Oréal Group has devoted itself solely to one business: beauty. It is a business rich in meaning, as it enables all individuals to express their personalities, gain self-confidence and open up others. L’Oréal has set itself the mission of offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy and safety. Providing access to products that enhance well-being, L’Oréal has made the universalization of beauty its project for the years to come.

The L’Oréal Group has become the largest cosmetics and Beauty Company in the world. In 2016, L’Oréal was the leading personal care brand in the world with a brand value that amounted to 23.52 billion U.S. dollars. Once again, 2016 was a good year for L’Oréal on many fronts. The Group achieved strong sales growth and once again demonstrated its ability to outperform the beauty market, and to gain market share, even in the more difficult markets of Western Europe and the United States. In 2016, L’Oréal also continued to reflect the integration of the Group’s internationalization, as the “new markets” segment remained to be the company’s number one geographic zone in terms of sales.

The company’s cosmetic branch is primarily focused on skin care, hair care, make-up, hair colorants and perfumes. In 2016, skincare generated almost 30 percent of L’Oréal’s global cosmetic sales; amounting to over seven billion euros.

The company did have a void in terms of addressing young consumers looking for affordable yet exciting color cosmetics, which Urban Decay is expected to fulfill. However, it needs to address its presence in the affordable natural/organic segment going forward.

With worldwide sales of over 29.8 billion euros in 2019, L’Oreal is the world’s largest cosmetics and Beauty Company, concentrating on hair color, skin care, sun protection, make-up, perfumes, and hair care.

ANTI-AGING CREAM FOR…A DULL SKIN TONE

As skin matures, it can start to appear duller. The L’Oréal Paris Age Perfect Rosy Tone SPF 30 Sunscreen Face Moisturizer is an intense daily anti-aging moisturizer that’s enhanced with rosy pigments to instantly revive the look of skin’s rosy tone. The rich, non-greasy formula smooths gently over skin to nourish it with moisture, while the rosy pigments help to reveal a younger look. Skin is immediately hydrated after using. Bonus: It’s also formulated with broad-spectrum SPF 30 (more on that soon). In the morning, smooth this anti-aging cream gently over your face after cleansing in a circular motion.

SKIN CARE PRODUCTS

ANTI-AGING CREAM FOR…SUN PROTECTION

Broad-spectrum sunscreen is a skin care must year-round—no matter your age. According to the Food and Drug Administration (FDA), you should apply a broad-spectrum sunscreen with an SPF of 15 or higher daily as directed. The L’Oréal Paris Revitalift Triple Power Day Lotion SPF 30 is an anti-aging moisturizer formulated with broad-spectrum SPF 30 that works to reduce the appearance of wrinkles and firm and brighten skin. Keep in mind, according to the FDA, applying sunscreen isn’t the only sun protection measure you should take. Additionally, you should also reapply every two hours (or immediately after swimming or sweating), limit your amount of time in the sun (especially between 10 a.m. and 2 p.m.), seek shade, and wear long-sleeved shirts, pants, hats, and sunglasses.

ANTI-AGING CREAM FOR…VERY DRY OR SENSITIVE SKIN

Both dry and sensitive skin types need special care, which means you’ll want to be strategic with your moisturizer choice. The L’Oréal Paris Age Perfect Hydra Nutrition Honey Day Cream is formulated with nourishing manuka honey and helps envelop skin with a replenishing layer of long-lasting, non-sticky hydration. In addition to being ideal for very dry and sensitive skin types, it’s also paraben-free. Apply a light layer onto clean skin every morning, and at nighttime, swap it out for the L’Oréal Paris Age Perfect Hydra Nutrition Honey Night Balm.

ANTI-AGING CREAM FOR…OVERNIGHT NOURISHING

Sometimes, it pays to use a different moisturizer at night than what you used in the morning. If you’re looking for an anti-aging night cream, try the L’Oréal Paris Age Perfect Cell Renewal Night Cream. The rich creamy texture comforts and nourishes skin. Skin feels nourished immediately, while skin appears renewed with continued use over time. Every night, smooth this cream onto your face in an upward motion until thoroughly absorbed. For best results, first apply the L’Oréal Paris Age Perfect Cell Renewal Golden Serum over cleansed skin then layer the moisturizer on top

ANTI-AGING CREAM FOR…OVERNIGHT RADIANCE

Turn your AM and PM moisturizing routine into a spa-like experience with our best anti-aging night mask (which is basically just a heavy-duty night cream). The L’Oréal Paris Triple Power Triple Power Anti-Aging Overnight Mask is formulated with three of the top proven anti-aging ingredients: Pro-Retinol, vitamin C, and hyaluronic acid to visibly reduce wrinkles, firm, and brighten skin. Overnight, skin is visibly more radiant and resilient. Smooth over your face and neck every evening as the last step in your nightly skin care routine.

ANTI-AGING CREAM FOR…MULTIPLE AGING SKIN CONCERNS

Not everyone has just one concern they’re looking to address. If you want to tackle more than one need your skin has, the L’Oréal Paris Revitalift Anti-Wrinkle + Firming Face + Neck Fragrance Free is a perfect choice. Formulated with Pro-Retinol and centella asiatica, the anti-aging moisturizer helps smooth, firm, and hydrate areas of your skin that can be prone to visible signs of skin aging, like wrinkles and loss of elasticity. Smooth it over your neck and jawline until thoroughly absorbed after cleansing in the morning and evening.

STRENGTHS

A variety of beauty and cosmetic products.

No one has a bigger share in the beauty and cosmetic world than L’oreal. Many companies decide to branch into this industry with a product line or two. But L’Oréal is fully invested in this space and has been since they were founded. You’ll see the L’oreal brand while walking through the makeup, hair, and skincare aisles of your local department store.

L’oreal portfolio of products is astounding. Garnier, Nyx, Maybelline, LANCOME, Shu Uemara. L’oreal clearly dominates this industry because they’ve acclaimed such high profile brands under their name.

High quality.

L’oreal doesn’t just offer inexpensive, department store products. They’ve also moved into the luxury brand, offering high-quality products for the individual who shops on a richer budget. Or if a customer wants a bit of both worlds — cost-effective and expensive — they can easily find what they’re looking for through L’oreal.

International access.

L’oreal’s catalogue boasts brands from all over the world. And you can find L’oreal in more than 120 countries. They manufacture and distribute products in bulk which is less expensive than buying small quantities at a time.

Moving into organic.

Consumers want glowy skin and healthy hair. And for many, that means less chemicals and questionable ingredients in their hair and skin products. It’s more costly for companies to use natural ingredients, but L’oreal didn’t hesitate. On top of putting an end to testing on animals in 1987, they now offer a complete natural and organic line of products.

Endless research.

Because L’oreal has so many products in different niches of the beauty and cosmetic industry, the company relies heavily on research and development. Consumers want products that work, but are also safe for their bodies. That means understanding how to offer sun protection in skin care and makeup products. And cutting out sulfates, parabens, and silicones from hair products. L’oreal works with dermatologist, cosmetologists, and scientists to provide the top-of-the-line products customers crave.

WEAKNESSES

Growing saturation.

The entrance of new skin care product line have affected the company in coping up with the ever increasing pressure to come up with more differentiated skin care products

Shrinking profit margins.

L’oreal heavily invests in research in development. They must if they want to keep their customers happy. Unfortunately, it’s massively expensive. And it’s eating away at their profits — at least in comparison to the competition. Still, focusing so heavily on research and development is how L’oreal has stayed competitive in this saturated market. So this is both a strength and a weakness for the brand.

Slow divisions.

Since L’oreal offers so many products, they require a number of subdivisions to handle everything. As such, they have more than 60,000 employees accounting for product development, manufacturing, disbursement, and customer service. The company’s human capital expenditure is no joke. But neither are the problems. Relying on so many people to manage products leads to issues, such as slowness.

  • COTY INC

Coty is a beauty company with a portfolio of well-known brands in four categories: fragrances, color cosmetics, skin care, and body care. Coty is organized into three divisions: Coty Consumer Beauty, Coty Luxury and Coty Professional Beauty, each focused on their respective categories and channels, with a lean structure to enable faster decision making, focused investments and better communication with customers and consumers.
Coty Consumer Beauty is focused on color cosmetics, retail hair coloring, and styling products, body care and mass fragrances, with the intent of providing consumers with innovative products primarily in the mass retail channel. Coty Luxury is focused on expanding Coty’s leadership position in prestige fragrances and skincare in the Luxury Beauty market, across all regions and luxury channels, including travel retail. Coty Professional Beauty is focused on servicing salon owners and professionals in both hair and nail care, covering all key salon segments and salon client needs. 

Their product portfolio includes world renowned brands such as Marc Jacobs, Calvin Klein, Chloé, Gucci, Hugo Boss, Tiffany & Co, Balenciaga, Bottega Veneta, Alexander McQueen, Davidoff, Burberry and Miu Miu, as well as skincare brands with Lancaster and philosophy.

STRENGTHS OF COTY INC

  • Superb Performance in New Markets – Coty Inc. has built expertise at entering new markets and making success of them. The expansion has helped the organization to build new revenue stream and diversify the economic cycle risk in the markets it operates in.
  • Successful track record of developing new products – product innovation.
  • Strong Free Cash Flow – Coty Inc. has strong free cash flows that provide resources in the hand of the company to expand into new projects.
  • Good Returns on Capital Expenditure – Coty Inc. is relatively successful at execution of new projects and generated good returns on capital expenditure by building new revenue streams.
  • Automation of activities brought consistency of quality to Coty Inc. products and has enabled the company to scale up and scale down based on the demand conditions in the market.
  • Strong Brand Portfolio – Over the years Coty Inc. has invested in building a strong brand portfolio. The SWOT analysis of Coty Inc. just underlines this fact. This brand portfolio can be extremely useful if the organization wants to expand into new product categories.
  • Successful track record of integrating complimentary firms through mergers & acquisition. It has successfully integrated number of technology companies in the past few years to streamline its operations and to build a reliable supply chain.
  • Highly skilled workforce through successful training and learning programs. Coty Inc. is investing huge resources in training and development of its employees resulting in a workforce that is not only highly skilled but also motivated to achieve more.

WEAKNESSES

  • Days inventory is high compare to the competitors – making the company raise more capital to invest in the channel. This can impact the long term growth of Coty Inc.
  • Limited success outside core business – Even though Coty Inc. is one of the leading organizations in its industry it has faced challenges in moving to other product segments with its present culture.
  • The profitability ratio and Net Contribution % of Coty Inc. are below the industry average.
  • Not highly successful at integrating firms with different work culture. As mentioned earlier even though Coty Inc. is successful at integrating small companies it has its share of failure to merge firms that have different work culture.
  • Investment in Research and Development is below the fastest growing players in the industry. Even though Coty Inc. is spending above the industry average on Research and Development, it has not been able to compete with the leading players in the industry in terms of innovation. It has come across as a mature firm looking forward to bring out products based on tested features in the market.
  • The company has not being able to tackle the challenges present by the new entrants in the segment and has lost small market share in the niche categories. Coty Inc. has to build internal feedback mechanism directly from sales team on ground to counter these challenges.
  • Financial planning is not done properly and efficiently. The current asset ratio and liquid asset ratios suggest that the company can use the cash more efficiently than what it is doing at present.
  • SALLY BEAUTY

Sally Beauty is a specialty retailer and distributor of professional beauty supplies. It operates through two segments: Sally Beauty Supply, which offers beauty products to retail customers and salon professionals; and Beauty Systems Group, which offers professional beauty products, directly to salons and salon professionals through its sales force, as well as through company-operated and franchised stores. Sally Beauty supplies hair color and care, skin and nail care, beauty sundries and styling tools.

STRENGTHS

  • Strong distribution network – Over the years Sally Beauty Holdings has built a reliable distribution network that can reach majority of its potential market.
  • Strong dealer community – It has built a culture among distributor & dealers where the dealers not only promote company’s products but also invest in training the sales team to explain to the customer how he/she can extract the maximum benefits out of the products.
  • Highly successful at Go To Market strategies for its products.
  • Strong Free Cash Flow – Sally Beauty Holdings has strong free cash flows that provide resources in the hand of the company to expand into new projects.
  • Strong Brand Portfolio – Over the years Sally Beauty Holdings has invested in building a strong brand portfolio. The SWOT analysis of Sally Beauty Holdings just underlines this fact. This brand portfolio can be extremely useful if the organization wants to expand into new product categories.
  • Automation of activities brought consistency of quality to Sally Beauty Holdings products and has enabled the company to scale up and scale down based on the demand conditions in the market.
  • Highly skilled workforce through successful training and learning programs. Sally Beauty Holdings is investing huge resources in training and development of its employees resulting in a workforce that is not only highly skilled but also motivated to achieve more.
  • Good Returns on Capital Expenditure – Sally Beauty Holdings is relatively successful at execution of new projects and generated good returns on capital expenditure by building new revenue streams.

WEAKNESSES

  • Need more investment in new technologies. Given the scale of expansion and different geographies the company is planning to expand into, Sally Beauty Holdings needs to put more money in technology to integrate the processes across the board. Right now the investment in technologies is not at par with the vision of the company.
  • The profitability ratio and Net Contribution % of Sally Beauty Holdings are below the industry average.
  • Organization structure is only compatible with present business model thus limiting expansion in adjacent product segments.
  • Limited success outside core business – Even though Sally Beauty Holdings is one of the leading organizations in its industry it has faced challenges in moving to other product segments with its present culture.
  • Financial planning is not done properly and efficiently. The current asset ratio and liquid asset ratios suggest that the company can use the cash more efficiently than what it is doing at present.
  • High attrition rate in work force – compare to other organizations in the industry Sally Beauty Holdings has a higher attrition rate and have to spend a lot more compare to its competitors on training and development of its employees.
  • The marketing of the products left a lot to be desired. Even though the product is a success in terms of sale but its positioning and unique selling proposition is not clearly defined which can lead to the attacks in this segment from the competitors.
  • REVLON

Revlon is a provider of cosmetics, hair color, fragrances, skincare, and beauty care products. It operates in two segments, the Consumer division, and the Professional division.

Its Consumer segment global brand portfolio includes Revlon color cosmetics, Almay color cosmetics, SinfulColors color cosmetics, Pure Ice color cosmetics, Revlon ColorSilk hair color, Revlon Beauty Tools, Charlie fragrances, and Mitchum antiperspirant deodorants.

Revlon’s Professional segment global brand portfolio includes Revlon Professional, CND, and American Crew men’s grooming products. The Company sells its products through sales force, sales representatives, and independent distributors.

STRENGTHS OF REVLON

  • Strong dealer community – It has built a culture among distributor & dealers where the dealers not only promote company’s products but also invest in training the sales team to explain to the customer how he/she can extract the maximum benefits out of the products.
  • Successful track record of developing new products – product innovation.
  • Strong Free Cash Flow – Revlon has strong free cash flows that provide resources in the hand of the company to expand into new projects.
  • Superb Performance in New Markets – Revlon has built expertise at entering new markets and making success of them. The expansion has helped the organization to build new revenue stream and diversify the economic cycle risk in the markets it operates in.
  • High level of customer satisfaction – the company with its dedicated customer relationship management department has able to achieve a high level of customer satisfaction among present customers and good brand equity among the potential customers.
  • Highly skilled workforce through successful training and learning programs. Revlon is investing huge resources in training and development of its employees resulting in a workforce that is not only highly skilled but also motivated to achieve more.
  • Automation of activities brought consistency of quality to Revlon products and has enabled the company to scale up and scale down based on the demand conditions in the market.
  • Strong Brand Portfolio – Over the years Revlon has invested in building a strong brand portfolio. The SWOT analysis of Revlon just underlines this fact. This brand portfolio can be extremely useful if the organization wants to expand into new product categories.

WEAKNESSES

  • Financial planning is not done properly and efficiently. The current asset ratio and liquid asset ratios suggest that the company can use the cash more efficiently than what it is doing at present.
  • Not very good at product demand forecasting leading to higher rate of missed opportunities compare to its competitors. One of the reason why the day’s inventory is high compare to its competitors is that Revlon is not very good at demand forecasting thus end up keeping higher inventory both in-house and in channel.
  • The profitability ratio and Net Contribution % of Revlon are below the industry average.
  • Need more investment in new technologies. Given the scale of expansion and different geographies the company is planning to expand into, Revlon needs to put more money in technology to integrate the processes across the board. Right now the investment in technologies is not at par with the vision of the company.
  • Investment in Research and Development is below the fastest growing players in the industry. Even though Revlon is spending above the industry average on Research and Development, it has not been able to compete with the leading players in the industry in terms of innovation. It has come across as a mature firm looking forward to bring out products based on tested features in the market.
  • Organization structure is only compatible with present business model thus limiting expansion in adjacent product segments.

LUXURY SKIN CARE MARKETING STRATEGY

1. Improve discoverability and desirability by working with social media influencers and investing in digital storytelling

As consumers increasingly spend more time searching for information about their beauty routines online, social media plays an important role in the beauty purchase journey online. Digital communities are indeed facilitating new product and brand discovery among modern consumers.

Growth in the beauty market is partly fueled by the desire to be selfie-ready, and the impact of beauty digital influencers and social media platforms on beauty ideals. Modern affluent consumers, especially Millennials and Gen Z shoppers are influenced by, and value the opinions of, the online community.

Beauty vlogging isn’t new, but beauty brands have rapidly ramped up their involvement with YouTube personalities who attract massive audiences with their makeup tutorials and how-to videos.

With its shoppable features, Instagram is also emerging as a social network of choice for affluent beauty shoppers, bringing the point-of-sale right to the point-of-discovery.

2. Tap into crowdsourcing to develop new beauty products

Crowdsourcing is taking the beauty industry, especially indie beauty brands, to a whole new frontier by redefining the way beauty products are conceptualized, produced and sold.

Innovative beauty challengers (such as Glossier) use their online communities via social media to solicit consumers’ input and feedback.

By empowering consumers to become co-creators, Indie beauty brands can foster emotional attachments and thus build early customer loyalty, giving new brands an edge over legacy brands.

3. Deliver a holistic beauty experience through cross-segment wellness collaboration

Fighting urban pollution. Protecting your skin from damaging blue light. Caring for your face with toxin-free products. The quest for wellness and a healthier lifestyle is transforming attitudes towards the beauty industry. We expect to see increased crossover and collaborations between beauty, fitness and wellness brands playing in these adjacent sectors.

4. Digital enables personalised beauty solutions at scale

Technology allows beauty brands to be authentically relevant to individuals, at scale.A growing number of beauty brands and retailers are thus harnessing the power of data and technology — such as artificial intelligence (AI) and augmented reality (AR), algorithms, apps and scanners — to offer consumers an unprecedented level of product personalization according to consumers’ skin types and their personal needs.But while beauty shoppers tend to be ahead of the Fast-Moving Consumer Goods (FMCG) curve in online shopping, we’re still very early in the development of truly connected beauty.

5. Beauty inclusivity: Embrace diversity and become genderless

The men’s beauty category is often cited as a high-growth beauty market segment, as image-conscious male consumers are showing increasing enthusiasm for grooming and beauty product categories.

6. A new attitude: Forget anti-ageing, think healthy ageing

Ageing demographic trends and the increasing desire to retain youthful appearances have groomed the cosmetics industry, worldwide. This growing consumer segment deserves brands’ attention.

In parallel, wellness-focused millennial consumers approach ageing with a desire for healthy rejuvenation. Luxury beauty brands should leverage this momentum to promote preventative skincare and holistic skin maintenance beauty products — including skin protection features such as air and digital pollution.

REFRENCES

https://www.statista.com/topics/4517/us-skin-care-market/

https://www.statista.com/statistics/551427/us-skin-care-sales-by-segment/

https://craft.co/loreal/metrics

https://craft.co/coty/revenue

Identity Protection PIN Program Will Soon Be Available to All Taxpayers

In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity.

An Identity Pretention PIN is a six-digit number assigned to eligible taxpayers to help prevent their Social Security number from being used to file fraudulent federal income tax returns. This number helps the IRS verify a taxpayer’s identity and accept their tax return. The online Get An IP PIN tool immediately displays the taxpayer’s assigned number.

This tool uses Secure Access authentication verify a person’s identity. Taxpayers should review the Secure Access requirements before they try to use the Get An IP PIN tool.

Other ways to get an IP PIN
There are other ways to get an IP PIN if someone is unable to pass the Secure Access authentication. Taxpayers with income of $72,000 or less should complete Form 15227 and mail or fax it to the IRS. An IRS employee will call the taxpayer to verify their identity using a series of questions. Those who pass authentication will receive an IP PIN the following tax year.

Taxpayers who cannot verify their identities remotely or who are ineligible to file Form 15277 should make an appointment, visit a Taxpayer Assistance Center and bring two forms of picture identification. This is an in-person identity verification. After the taxpayer passes authentication, an IP PIN will be mailed to them within three weeks.

Taxpayers should never share their IP PIN with anyone but their tax provider. The IRS will never call to request the taxpayer’s IP PIN, and taxpayers must be alert to potential IP PIN scams.

Here’s what taxpayers need to know before applying:
The Get an IP PIN tool will be available in mid-January.
This is the preferred method of obtaining an IP PIN and the only one that immediately reveals the PIN to the taxpayer.
Taxpayers who want to voluntarily opt into the IP PIN program don’t need to file a Form 14039, Identity Theft Affidavit.
The number is valid for one year. Each January, the taxpayer must get a new one.
It must be entered correctly on electronic and paper tax returns to avoid rejections and delays.
Taxpayers with either a Social Security number (SSN) or Individual Tax Identification Number who can verify their identity are eligible for the program.
Any primary or secondary taxpayer or dependent can get an IP PIN, if they can prove their identity.
The IRS plans to offer an opt out feature to the IP PIN program in 2022.
Confirmed victims of tax-related identity theft
There is no change in the IP PIN Program for confirmed victims of tax-related identity theft. These taxpayers should still file a Form 14039 if their e-filed tax return rejects because of a duplicate SSN filing. The IRS will investigate their case and once the fraudulent tax return is removed from their account, they will automatically receive an IP PIN by mail at the start of the next calendar year.

IP PINs will be mailed annually to confirmed victims and participants enrolled before 2019. For security reasons, confirmed identity theft victims can’t opt out of the IP PIN program. Confirmed victims also can use the Get an IP PIN tool to retrieve lost IP PINs assigned to them.