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.
|
Thread: Tax write offs for equipment
-
01-26-2011, 01:35 PM #1
Tax write offs for equipment
VIRESCIT VULNERE VIRTUS " Courage Grows Strong At the Wound"
I wanna be freaky big at 6'5''
ACE certified PT
-
01-26-2011, 01:46 PM #2
-
01-26-2011, 02:04 PM #3
-
01-26-2011, 03:23 PM #4
-
-
01-26-2011, 07:14 PM #5
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
20kg=44lbs, 30kg=66lbs, 40kg=88lbs, 50kg=110lbs, 60kg=132lbs, 70kg=154lbs, 80kg=176lbs, 90kg=198lbs, 100kg=220, 110kg=242lbs, 120=264lbs, 130kg=286lbs
Promera Health Con Cret Log:
http://forum.bodybuilding.com/showthread.php?t=132214563&page=2
"Fitted Hat Crew"
-
01-27-2011, 03:20 AM #6
-
01-27-2011, 12:43 PM #7
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!
VIRESCIT VULNERE VIRTUS " Courage Grows Strong At the Wound"
I wanna be freaky big at 6'5''
ACE certified PT
-
01-27-2011, 04:18 PM #8
- Join Date: Sep 2010
- Location: Bryant, Arkansas, United States
- Age: 43
- Posts: 80
- Rep Power: 204
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?
Grant Heston - NASM-CPT
www.granthestonfitness.com/blog
www.********.com/granthestonfitness
www.twitter.com/grantheston
-
-
01-27-2011, 04:38 PM #9
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.MyMuscles.com
Features weight lifting terminology, equipment info, essays, and links.
-
01-28-2011, 02:23 PM #10
-
01-28-2011, 02:56 PM #11
Similar Threads
-
Small Business Tax Write-offs for CPTs
By SpagsFitness in forum Personal Trainers SectionReplies: 7Last Post: 08-20-2010, 11:41 AM -
Donating equipment (tax write off quesiton)
By billy in forum Workout EquipmentReplies: 5Last Post: 11-02-2009, 04:42 PM -
i get to write aricles for school newspaper!
By jeebus in forum Teen BodybuildingReplies: 0Last Post: 08-27-2002, 05:35 PM -
Jack Squat For Equipment
By SportzFreak25 in forum Teen BodybuildingReplies: 4Last Post: 06-04-2002, 04:48 PM
Bookmarks