As a self-employed trainer you’re an independent contractor and thus eligible for many tax deductions…even if you don’t itemize your tax deductions on your tax return. And because your expenses will reduce your self-employment income, they will also reduce the amount of that income that is subject to the 15.3% self-employment tax (FICA). Schedule an appointment with block Advisors today!

Here are a few of the self-employed business tax deductions that will help you lower your taxes and save for your business.

  1. Start-Up Costs

    If you just started your self-employed business as a personal trainer you can deduct your start-up costs, like marketing, website creation, advertising expenses, and costs to scope out your business location.

  2. Fitness Equipment and Training Tools

    If you purchased any fitness equipment or training tools during the current tax year, you may get a nice tax break. It doesn’t matter if it’s equipment purchased to use in a gym, in your home business location, or in a client’s home. As long as it will be used for business purposes, you can deduct the purchase price as a business expense.

  3. Auto and Travel Expenses

    When you travel to meet with clients, you can deduct costs related to that travel. Regularly driving to your clients’ homes can be a substantial expense. In addition, you may also be able to deduct the amount that you pay for tolls and parking.

    Air travel you pay to fly to a client’s location or to take personal training courses can be tax deductible, along with hotel accommodations while you are away. You may also be able to deduct up to 50% of the cost of your meals while you travel.

  4. Computer-related Expenses

    Many self-employed individuals have computer-related expenses. This can include the cost of a computer itself, but also any other related expenses, such as the cost of your internet connection and applications that you use related to your business.

    If you have a website that is related to your personal training business, expenses that you incur in connection with that site would be tax deductible. This can include web hosting fees and the cost of any third-party services, such as web design or SEO management.

  5. Health Insurance and Retirement Expenses

    If you are fully self-employed as a personal trainer, it is likely that you have private health insurance. As a self-employed person, you can deduct the cost of that premium on your tax return. You can also deduct the cost of any private disability insurance that you are paying.

    Still another major tax deduction for the self-employed are retirement plan contributions. At a minimum, you can make tax-deductible contributions to your own IRA account. As your income increases, you can consider setting up more specific self-employed retirement plans such as a SEP IRA, which provides even more generous tax deductions.