Yoga Teacher Tax Deductions

Yoga Teacher Tax Deductions

What can you Write Off?

What can I write off as a yoga teacher?
If you teach yoga as an independent contractor, you will be able to deduct these costs on Schedule C Profit or Loss from Business included with your personal tax filing.

1. Advertising - Any item purchased with your yoga business name on it, fundraisers from your students, community assistance payments or other donations that recognize your business.
2. Insurance- Business insurance required by your gym or yoga location.
3. Professional fee- TurboTax charge, LLC cost or tax preparation fees.
4. Mileage- 57.5 cents per mile from location where you teach to home where you train and plan your classes.  Any other yoga related miles driven plus any parking costs or tolls.
5. Equipment- cell phone, laptop. iPad, GoPro or any other equipment needed to teach yoga and communicate with students.
6. Office supplies 
7. Gym rent
8. Supplies including specialized workout clothing.
9. Travel for continued education 
10. Continuing education or cost of advanced yoga classes for yourself.
11. Cellphone monthly cost.
12. Internet costs
13. Other costs that are reasonable, necessary and ordinary for your yoga business.

Can you write off yoga class costs on taxes?
For purposes of the tuition and fees deduction, qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution.  An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U.S. Department of Education. It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions.  An eligible educational institution also includes certain educational institutions located outside the United States that are eligible to participate in a student aid program administered by the U.S. Department of Education..  The educational institution should be able to tell you if it is an eligible educational institution.  Student activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.  This deduction is limited to $4,000 and further limited if your income is too high. 

Can I deduct personal trainer expenses?
It may be possible for you to deduct part of the costs of your personal training as a qualified medical expense or via your health savings account if you have a doctors prescription requiring a personal trainer.

Educator Expense Deduction for Employees 

If you're an eligible educator, you can deduct up to $250 of unreimbursed trade or business expenses. Qualified expenses are amounts you paid or incurred for participation in professional development courses, books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom. For courses in health or physical education, the expenses for supplies must be for athletic supplies. This deduction is for expenses paid or incurred during the tax year. You claim the deduction as a direct adjustment from income on form 1040 Educator Expense line.  An eligible educator is employed for the tax year as a kindergarten through grade 12 teacher, instructor, counselor, principal or aide for at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.