Being a self-employed coach can be a rewarding career, but it also comes with its fair share of expenses. Luckily, there are numerous tax write-offs and deductions available to help offset these costs. Here's a handy guide to help you navigate the world of tax deductions for self-employed coaches.
Whether you're discussing strategy with a client over lunch or grabbing a quick bite between training sessions, the cost of business meals can add up. These meals can be considered a business expense and are tax deductible. Just make sure to keep detailed records of who you dined with and the business purpose of the meal.
How to write it off: Schedule C, Box 24b
As a self-employed coach, you likely use your vehicle for business purposes, such as traveling to clients or sporting events. The costs associated with car insurance and registration can be written off as a business expense. Remember, only the portion of the expense used for business purposes is deductible.
How to write it off: Schedule C, Box 15
Keeping your vehicle in top shape is crucial when you're on the road for work. Expenses for car maintenance, including oil changes, tire rotations, and other routine services, can be deducted as a business expense. Be sure to keep all receipts and records of these expenses.
How to write it off: Schedule C, Box 9
If you've purchased a vehicle specifically for your coaching business, you can write off the cost as a business expense. Additionally, you can claim depreciation on the vehicle, which can help offset the cost of the vehicle over time. Make sure to consult with a tax professional to understand how to correctly calculate and claim this deduction.
How to write it off: Schedule C, Box 13
From whistles to workout equipment, the gear you need for coaching can be expensive. These costs can be written off as a business expense. Just remember to keep track of all your purchases and only claim the cost of items used exclusively for your coaching business.
How to write it off: Schedule C, Box 22
Staying on top of the latest coaching techniques and strategies often requires continuing education. The cost of these classes can be written off as a business expense. This can include everything from certification courses to online webinars related to your coaching field.
How to write it off: Schedule C, Box 27a
If you use a portion of your home as an office for your coaching business, the cost of office furniture can be written off. This can include desks, chairs, and other necessary items. Just remember, the furniture must be used exclusively for your business to qualify for the deduction.
How to write it off: Schedule C, Box 18
Traveling for coaching gigs? The cost of meals while on the road can be written off as a business expense. This can include meals at restaurants, as well as groceries if you're staying somewhere with a kitchen. Be sure to keep detailed receipts of all your meal expenses while traveling.
How to write it off: Schedule C, Box 24a
Those pesky parking fees can add up, especially if you're frequently traveling for work. Fortunately, parking fees can be written off as a business expense. Just be sure to keep your receipts and note the business purpose of each parking expense.
How to write it off: Schedule C, Box 27a
If you use a portion of your home for your coaching business, you can deduct a portion of your power bill. The amount you can deduct is based on the percentage of your home used for business. Be sure to keep detailed records of your power bills throughout the year.
How to write it off: Form 8829
If you own your home and use part of it for your coaching business, you can write off a portion of your property insurance. The deductible amount is based on the percentage of your home used for business. Make sure to consult with a tax professional to ensure you're calculating this deduction correctly.
How to write it off: Form 8829
Repairs to your home office or other property used for your coaching business can be written off. This includes both minor repairs and major improvements. Just remember, the repairs must be directly related to your business to qualify for the deduction.
How to write it off: Schedule C, Box 21
As a coach, you likely need a variety of sporting equipment for your business. The cost of this equipment can be written off as a business expense. This can include everything from balls and bats to nets and cones. Just make sure to keep detailed records of all your equipment purchases.
How to write it off: Schedule C, Box 22
If attending sporting events is part of your job as a coach, you can write off the cost of tickets as a business expense. Whether you're scouting potential players or staying up-to-date on the latest strategies, these costs can be deducted. Just be sure to keep your ticket stubs and note the business purpose of each event.
How to write it off: Schedule C, Box 27a
Subscriptions to sports magazines, online platforms, or other resources can be written off as a business expense. These resources can help you stay informed and improve your coaching skills. Remember to keep a record of all your subscription costs throughout the year.
How to write it off: Schedule C, Box 27a
If your coaching job requires a lot of travel, tolls can quickly add up. Fortunately, these costs can be written off as a business expense. Be sure to keep your receipts and note the business purpose of each toll expense.
How to write it off: Schedule C, Box 27a
Whether you're driving your own vehicle or using public transportation, the cost of getting to and from your coaching gigs can be written off. This includes gas, bus fares, and even plane tickets for longer trips. Just remember to keep detailed records of all your transportation expenses.
How to write it off: Schedule C, Box 24a
If your coaching job requires overnight travel, you can write off the cost of your lodging. This includes hotels, motels, and even Airbnb rentals. Be sure to keep detailed receipts of all your lodging expenses and note the business purpose of each stay.
How to write it off: Schedule C, Box 24a
If you purchase uniforms or other branded items for your coaching business, these costs can be written off. This can include everything from team jerseys to business cards with your coaching logo. Just remember to keep detailed records of all your purchases.
How to write it off: Schedule C, Box 27a
If you carry a tool kit in your vehicle for your coaching business, the cost of this kit can be written off. This can include everything from a first aid kit to a tire repair kit. Just make sure the kit is used exclusively for your business to qualify for the deduction.
How to write it off: Schedule C, Box 22
If you use a portion of your home for your coaching business, you can deduct a portion of your water bill. The amount you can deduct is based on the percentage of your home used for business. Be sure to keep detailed records of your water bills throughout the year.
How to write it off: Form 8829
As a self-employed coach, you likely rely on Wi-Fi for a variety of business tasks. The cost of your Wi-Fi bill can be written off as a business expense. Just remember, only the portion of the bill used for business purposes is deductible.
How to write it off: Schedule C, Box 25