Tax season does not have to be hectic.The right tools can ensure that the process goes smoothly when it’s time for your gym to file taxes. Follow these helpful tips from Wodify to make tax season as painless as possible. Save that pain for lifting your heaviest kettlebells and allow these four tips to make your life easier as a gym owner at tax time.
One of the biggest shifts for any business owner is adjusting to the idea that taxes are an ongoing process rather than something they do with their accountant once per year. Having a plan for the year to come includes a lot of record keeping and receipt saving. But with over 300 potential small business deductions currently available, it isn’t enough to just show up to a tax meeting in early April and hope everything works out in your favor. To maximize your deductions and ensure all the paperwork is in order, you must have a plan early in this process.
Of those 300+ small business deductions, there are several that gyms often don’t consider when putting together their taxes for the year. Any equipment or gear you purchase for your gym, including any music or exercise videos, can be deducted, for example.
If you have a designated office area in your home so you can work from there as well as from your gym, that space (and even some home utilities) can be written off. Any business entertainment or meals can be written off, as can a vehicle that has been used for business purposes. You even can write off the cost of the accountant you’ve paid to do your taxes. Knowing this in advance helps you save the receipts and record these expenses so they’re ready come tax time.
How does one keep organized records of all these things? Using gym management software helps with bookkeeping, payroll and other data necessary for filing taxes. It has helped countless gyms simplify their own tax filing experiences, and it could help you with yours, too!
The tax requirements for your gym depend greatly on how you’ve structured your gym. If you’re a sole proprietor, for example, you’ll have different filing requirements than a business that’s filed an S Corporation or a C Corporation. Avoid penalties by filing in the correct way at the correct times. There’s no point making tax season any more of a headache than it already is.
Adhere to these helpful tips, and taxes will be so much easier for you and your gym. Even if you’re too late to take advantage of thinking ahead, make sure you do so for 2018, and remember that Wodify gym management software can help!
