Being a self-employed or freelance massage therapist comes with its own set of financial responsibilities. One of the most important is understanding the tax write-offs and deductions that can help you save money. Here's a list of some common expenses that you can deduct on your tax return.
Whether you're wining and dining potential clients or grabbing a quick bite between sessions, meals can be a significant business expense. Just remember, the meal needs to be directly related to your business to qualify. So, keep those receipts!
How to write it off: Schedule C, Box 24b
If you use your car for work purposes, such as traveling to clients or picking up supplies, you can deduct the costs of car insurance and registration. Just be sure to keep a detailed log of your business-related mileage.
How to write it off: Schedule C, Box 15
Keeping your car in tip-top shape is essential when you're on the road for work. You can deduct the costs of routine maintenance, repairs, and even car washes. Just remember, these expenses must be business-related.
How to write it off: Schedule C, Box 9
If you've purchased a car primarily for business use, you can write off the cost through depreciation. This can be a significant deduction, but it's also a complex one, so you might want to consult with a tax professional.
How to write it off: Schedule C, Box 13
Staying certified and licensed is crucial for a massage therapist. You can deduct the costs of any courses, exams, or fees associated with maintaining your professional credentials.
How to write it off: Schedule C, Box 23
If you've set up a home office or studio, you can deduct the cost of furniture and other equipment. This can include everything from your massage table to your office chair and desk.
How to write it off: Schedule C, Box 18
If you've incurred legal fees related to your business, such as drafting contracts or handling disputes, these can be deducted. Just remember, the fees must be directly related to your business operations.
How to write it off: Schedule C, Box 17
From essential oils to hot stones, the cost of your massage accessories can add up. Thankfully, these are considered necessary business expenses and can be deducted on your tax return.
How to write it off: Schedule C, Box 22
Your massage table and linens are essential tools of your trade. You can deduct the cost of these items, as well as the cost of cleaning and maintaining them.
How to write it off: Schedule C, Box 22
If you're traveling for work, such as attending a conference or visiting a client, you can deduct the cost of your meals. Just be sure to keep detailed receipts and records of your business travel.
How to write it off: Schedule C, Box 24a
Membership fees for professional organizations or trade groups can be deducted. These memberships can provide valuable networking opportunities and resources, making them a worthwhile investment.
How to write it off: Schedule C, Box 27a
If you use music to create a relaxing atmosphere for your clients, you can deduct the cost of your music streaming service. Just one more reason to keep those tunes flowing!
How to write it off: Schedule C, Box 27a
If you're paying for parking while visiting clients or attending business meetings, you can deduct these costs. Just remember to keep your receipts as proof of your expenses.
How to write it off: Schedule C, Box 27a
Your phone is likely a crucial tool for your business. You can deduct the cost of your phone, as well as any accessories like a phone case or headset, as long as they're used primarily for business.
How to write it off: Schedule C, Box 27a
If you're running your massage therapy business from home, you can deduct a portion of your power bill. The amount you can deduct depends on the size of your home office compared to the rest of your home.
How to write it off: Form 8829
If you have property insurance for your home office or studio, you can deduct a portion of the cost. This can be a significant deduction, especially if you have a large home office.
How to write it off: Form 8829
If you've had to make repairs to your home office or studio, you can deduct these costs. This can include everything from fixing a leaky roof to repainting the walls.
How to write it off: Schedule C, Box 21
If you rent a studio for your massage therapy business, you can deduct the rental fees. This can be a significant deduction, especially if you live in an area with high rental prices.
How to write it off: Schedule C, Box 20b
If you're traveling for work and encounter toll roads, you can deduct these costs. Just be sure to keep your receipts as proof of your expenses.
How to write it off: Schedule C, Box 27a
If you're traveling for work, whether it's by car, train, or plane, you can deduct your transportation costs. Just be sure to keep detailed receipts and records of your business travel.
How to write it off: Schedule C, Box 24a
If you're traveling for work and need to stay overnight, you can deduct the cost of your lodging. This can include hotels, motels, or even Airbnb rentals.
How to write it off: Schedule C, Box 24a
If you carry a tool kit in your vehicle for work purposes, you can deduct the cost. This can include anything from a basic first aid kit to specialized massage tools.
How to write it off: Schedule C, Box 22
If you're running your massage therapy business from home, you can deduct a portion of your water bill. The amount you can deduct depends on the size of your home office compared to the rest of your home.
How to write it off: Form 8829
If you use Wi-Fi for your business, whether it's for scheduling appointments or streaming music, you can deduct a portion of your bill. Just be sure to keep a record of how much you use it for business purposes.
How to write it off: Schedule C, Box 25