Taxes are no fun until they help you save money! The more you know about exercise the better you perform. The more you know about nutrition the healthier you eat. The more you know about money the more of it you can keep. Let’s tackle taxes – together.
In this episode we talked about:
- Financial foundations and habits
- Getting organized for taxes
- Reporting taxes quarterly
- Tax write-offs for fitness instructors
- Money Mindset
- Do you need an accountant?
Some of our viewers said:
Yeah, as long as you don’t try to go too far most write-offs don’t get flagged. But if you start writing off meals as business meetings it starts looking fishy.
This is SO valuable! Thank you ladies!!
It depends on how you set your business up. Do you have a facility? Or are you going to clients homes. I’ve been in the business for over 35yrs. I opened my own facility 6yrs ago and it took 4-5yrs to really turn a profit. Having overhead really makes a big difference.
This is such great information for trainers. What I’ve found in this business is there are great trainers who know their trade but don’t know how to run a business or how to market or sell their services. Find a good business mentor who is successful and willing to help you. There is so much more than knowing how to train a client.
Get a company logo on your clothes that you write off. That makes it a uniform. Lettering and registration of vehicles in the company name makes that hard to dispute.
NFPT Live Episode #25
Next Week: Episode #26 – Ketogenic Diet – It’s as Complex as Carbs
Disclaimer: This financial advice is based on our own experiences. When in question always consult an accountant or financial professional.