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For the independent trainers out there who buy some of their own workout gear for clients, do you keep your receipts from the year and gather them up for tax season to possibly get the write off benefit?? I recently bought a few things from Dicks sporting goods for some clients use and was just wondering what others do.
I'm not an accountant but I have an excellent one. Your equipment should qualify as a business expense. So you should be able to write it off. And always, keep your receipts.
Check with your accountant to be sure.
If its equipment for your business, its a write-off.
If you are smart, beiing an independent trainer allows you to claim A LOT of your expenses.
[QUOTE=PerFit;618154093]If its equipment for your business, its a write-off.
If you are smart, beiing an independent trainer allows you to claim A LOT of your expenses.[/QUOTE]
^this.
Mileage and tolls to clients' locations, printer ink and paper if you do any business stuff with your printer, subject-related books, business software...claim all that stuff!!!!
just curious. if you are a personal trainer at a gym could you claim any home equipment as a business expense? perhaps you could claim you are planning to be independent
Car lease, home office, cell phone, all home office supplies (computer, paper, pens etc). All clothing required only for work (uniform, shoes etc). Mileage to and from, insurance..Get a good accountant and you can avoid the pitfalls of paying taxes you don't need to
Damn great info guys, thanks alot, im glad ive been keeping my receipts in a file!! I never thought about the other things, such as my cell phone used to call clients or office supplies, great ideas! Now lets see what an accountant has to say about it!
Isn't there a limit on the amount of income that the IRS cares about? I seem to remember someone telling me they don't really care about income under $5,000 or something. If you're not claiming much income from training, are you all still writing off the expenses?
you might have to depreciate it or expense it all at once depending on its use.
business gift deductions are limited to $25 per person. and also might be applicable for clients you train. you also could deduct reference materials, internet, and mileage if they are legitimate expenses you accrue in pursuit of income.
[QUOTE=bigredelts;618136483]For the independent trainers out there who buy some of their own workout gear for clients, do you keep your receipts from the year and gather them up for tax season to possibly get the write off benefit?? I recently bought a few things from Dicks sporting goods for some clients use and was just wondering what others do.[/QUOTE]
you can write them off as expenses, but equipment is depreciated rather than a typical write off. The tax code is pretty clear on what items get what depreciation schedule. I recommend that you spend the $100 or so and talk to a professional. Good luck.
[QUOTE=brspecialists;619333693]you can write them off as expenses, but equipment is depreciated rather than a typical write off. The tax code is pretty clear on what items get what depreciation schedule. I recommend that you spend the $100 or so and talk to a professional. Good luck.[/QUOTE]
will do, appreciate the help!