As well as fitness equipment, you can use the same tax break to write-off any other capital assets used in your business like:. You can claim expenses for university or TAFE fees to the extent that the course relates to you current employment and you're not being reimbursed. For example, a personal trainer could claim for the cost of doing a Bachelor of Exercise Science. You can also claim associated costs such as text books, travel to the educational institution and stationery.
If you need to undertake professional development to keep up to date with the latest trends and practices in fitness and health, those costs will also be deductible to the extent they are linked to your current job.
They may not be as significant in dollar terms as some of the items listed above, but make sure you claim the following:. Your job is to help everybody else improve their physical fitness so surely it makes sense that you can claim the cost of boosting your own fitness? Sadly not. The ATO takes a hard line on gym memberships, saying that they are only claimable where the person claiming them needs to have a level of fitness well above normal.
Professional sportspeople are quoted by the ATO as an example of who can make a claim whilst personal trainers and fitness instructors are specifically ruled out. Even if you've incurred any of the above expenses, the golden rule is that you can't make a claim unless you can prove you spent the money and also that you weren't reimbursed by your employer.
So, make sure you keep all relevant receipts, invoices, bank statements and credit card statements. Headache and cold remedies you buy at the pharmacy are not tax-deductible. Only medicines prescribed by a doctor, including insulin, are considered deductible. But you still can deduct over-the-counter kits to test for pregnancy and blood-sugar levels.
And the IRS says moms get a tax deduction on breast-feeding supplies, including pumps and bottles. Nor can you deduct the value of a project you create for charity, such as a poster or T-shirt. But you can deduct the miles you drive doing charity work at the rate of 14 cents per mile, unchanged from Keep good records of your miles logged for charity work.
Be sure to keep your receipts. The IRS says the first hard-wired phone line in your home is considered a nondeductible personal expense. But you can deduct as a business expense the cost of business-related long-distance charges on that phone.
And if you have a second landline phone specifically for business use, its full cost is deductible. And if your employer provides you with a cellphone as part of your job, this could increase your taxable income. A little family dog can result in some big bills. But those expenses are not tax-deductible. However, the cost of buying, training and maintaining a guide dog or other service animal for someone who has a physical disability is tax-deductible. This generally includes any expenses incurred to maintain the animal — including for food, grooming and veterinary care — so that it can perform its duties.
The cost of getting to and from work is not tax-deductible. Taking a bus, subway, taxi or driving your own vehicle to work is a personal expense, regardless of how far you have to travel. You also can deduct transportation expenses between your home and a temporary job that is expected to last one year or less. But this provision has been suspended for tax years On the other hand, if you work for yourself outside of a school setting, or inside one and spend your own money within certain limits, you may qualify for some tax deductions for coaches or personal trainers.
A major distinction exists between coaching a school team as an employee and coaching your neighborhood's Little League team as a parent or volunteer. If you're a school coach who also teaches, you might be eligible for the Educator Expense Deduction if you worked for the school at least hours during the academic year.
You can claim this deduction regardless of whether you want to itemize or claim the standard deduction. As a self-employed coach or small business owner, you can deduct many expenses that are both "ordinary and necessary" to your coaching work.
To claim these deductions, your coaching must qualify as work — otherwise, it's a hobby. You may have recently begun offering classes or sessions online to reach your clients and paid technology costs to support your trade or business.
If these technology-related expenses become necessary to earn a living in your trade, you can deduct these expenses on your tax return. If you use these items exclusively for your coaching or personal fitness work as a self-employed person or small business owner, you can deduct these expenses while working from home.
You may even qualify for the home office tax deduction. But employees no longer qualify for claiming this deduction since the passage of the Tax Cuts and Jobs Act. In addition to being self-employed or a small business owner, you must also meet two more criteria to claim the home office tax deduction:.
For you to claim tax deductions, the IRS requires you to provide documents. For example, to claim a rent deduction, you shall specify exact square footage of your house and your home office space, both, with proof. You can always hire tax experts to help you file your tax returns. Trust me; it will be worth the reduction in your tax bill! Check out this list of fitness careers that let you follow your dreams which includes what it takes to start a career in personal fitness training.
This is your most affordable and fastest way to become a highly qualified personal trainer. Is your re-certification coming up? Learn more about earning your CEU credits. You can find the full list of CEU courses here.
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