5 Easy Tax-Saving Tips for Gym Owners Before Year-End

To prepare for tax season, Wodify Core is the easiest way to make sure your financial information is organized and correctly compiled ahead of the April 15th deadline. Consider these simple steps to help make the process less stressful:

#1 Review Everything

The first step in preparing for tax season is to review all of your reports in Wodify Core to ensure that everything is up-to-date and accurate. We also recommend reviewing your quarterly estimated tax payments in relation to your income, to help you avoid surprises in April.

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#2 Defer Income

If your business earns income up to December 31, it’s taxable within that calendar year. However, if you need that income to go somewhere else immediately, it can be wise to defer it in some cases. Consult with your accountant on how to best plan your tax strategy.

#3 Make Purchases

The end of the year is a great time to buy supplies and equipment for your gym, like new rowers and assault bikes, or apparel and additional Myzone heart rate bands. Consider a 179 Deduction to fully expense equipment purchases in the year you buy them, rather than deducting them over time.

#4 Contribute to Retirement

If you own a gym, consider making payments towards your retirement plan, because certain qualifying accounts will help reduce your year-end tax bill. For more information, speak to a financial advisor. They can help you structure your accounts so you’ll have more retirement funds in the future.

#5 Make a Donation

One of the easiest ways to lessen the hit at tax time is to make a donation to a worthy charity. The CrossFit community has long been known as one of the most charitable communities in the country, so giving back will help in more ways than one.

Ready to put what you’ve learned into practice?
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