If I am purchasing supplements, I know they are not tax deductible under normal circumstances, but if I am providing them to a client at a cost or at no cost would that be a deductible expense?
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Thread: Possible Tax deduction?
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04-19-2019, 07:41 PM #1Registered User
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Possible Tax deduction?
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04-24-2019, 01:45 PM #2Registered User
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You should talk to your tax preparer. The costs should be deductible as a business expense for supplements for your clients (likely not for your personal use). If you're charging your clients for them, the income you make would also be taxable.
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04-25-2019, 03:11 PM #3Registered User
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My tax guy would be able to answer any questions you may have if you want his info, feel free to pm me. I'm not sure how that would work, are you an independent trainer?
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04-29-2019, 12:38 PM #4The Lifter's Advisor
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This would most likely fall under the Meals and Entertainment category of business expenses, which as of the new tax law would be 50% deductible. As CRAT0S alluded to, you would need to record any income received from the client if they paid you anything for the supplements.
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