This information contained herein does not constitute financial, legal, or other professional advice and is meant to be used solely for informational purposes. It does not take into account your specific circumstances and should be not acted on without full understanding of your current situation, future goals and/or objectives by a qualified professional. Mindbody and Bench assume no liability for actions taken in reliance upon the information contained herein.
It’s never too early for fitness business owners to take stock of the purchases and investments they’ve made over the previous year. These expenses aren’t just about supporting your fitness organization—they may also earn you significant deductions on your taxes. We’ve put together a checklist of some of the most common and overlooked places you can look for tax breaks within your gym or fitness studio. Checking these items off your list can ensure you don’t leave any money on the table during tax season.
If you made investments in any equipment, you’re in luck! These can earn you deductions on items like:
- Machines including treadmills, ellipticals, water rowers, etc.
- Free weights
- Yoga mats
- Other equipment like pilates platforms, BOSU® balls and other balance trainers, benches, TRX® Suspension Trainers, and more
Music and video
The sound and video systems you use to amp things up during class could provide deductions as well:
- Sound systems or streaming music subscriptions
- Exercise and instructional videos
Purchases you make to support your employees may qualify as write-offs, including:
- Staff uniforms that feature your business logo and are only worn at the gym or studio
- Professional services to support the company, such as a lawyer, accountant, or bookkeeper
Insurance and marketing investments
The necessary insurance on your business and staff, as well as investments made to market your gym or fitness studio can earn you a higher return as well. This includes:
- Insurance costs, including general liability, workers’ compensation, and individual liability insurance for your personal trainers or instructors
- Marketing services and materials, including business cards, banners or flyers, website development, social media advertising, and other services
Training and education
If you or your staff members took a class or certification course, the cost of these investments can be deducted. However, this is only applicable for the current business and its services and not any outside pursuits. Potential write-offs to consider here include:
- The cost of CPR and other safety courses for trainers and staff Certification courses, including those for instructors and trainers
- Even subscriptions to fitness magazines or journals, as well as membership fees for professional organizations (like National Commission for Certifying Agencies) can qualify for deductions.
Business meals, services, and other expenses
The services you use or trips you take to support your business can also earn you deductions, including:
- Business lunches, which are 50% deductible, and snacks or coffee for gym staff, which are counted as office kitchen expenses, and are 100% deductible
- Business travel and related expenses, including food and lodging
- Internet and cell service
While it’s important to double-check potential deductions in light of recent changes to tax laws, nearly any necessary expenditure you make for your gym or studio could earn you a deduction.