7 Tax Strategies to Save Big Money as a Gym Owner

19/12/2024 30 min Temporada 3 Episodio 628
7 Tax Strategies to Save Big Money as a Gym Owner

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Episode Synopsis

Tax season doesn’t have to be a headache; smart planning can reduce stress and save gym owners money.In this episode of “Run a Profitable Gym,” former multi-gym owner John Franklin joins host Mike Warkentin to share seven tax strategies every fitness entrepreneur should know:- Keep your books clean and updated.- Get a tax estimate.- Don’t waste money to "save on taxes."- Hire your kids.- Use bonus depreciation.- Max out retirement contributions.- Open a health savings account (HSA). John dives into each strategy to help you make smarter financial decisions and reduce your tax bill. Plus, he shares a bonus tip for gym owners who earn over $100,000 per year. Don’t let tax season catch you off guard—tune in now and take control of your finances!To get Chris Cooper's model profit and loss (P&L) statement, join Gym Owners United using the link below.LinksGym Owners UnitedBook a Call  03:26 - Updating your books at tax time?08:51 - Getting a tax estimate11:54 - Don’t waste a dollar to save 35 cents17:47 - Utilizing bonus depreciation24:46 - A bonus strategy