The premium for your liability insurance is deductible. But if you rent space to lead a class, workshop, or training, that cost is a deduction. This refers to the cost of renting or leasing your studio space and primarily pertains to studio owners. If you hired a photographer to take shots, contracted a graphic designer to revamp your website, or asked another yoga teacher to help you lead a workshop, retreat, or yoga teacher training, you can deduct those expenditures. This category refers to expenses for professional services that directly relate to your business. ![]() (See “What Yoga Teachers CANNOT Write Off” below.) Contract Labor But you cannot deduct mileage to and from your home to your primary yoga studio. You can deduct travel miles as well as local miles you drive from one studio to another or to and from private yoga sessions. For mileage incurred from January 1 through June 30, 2022, it’s 58.5 cents per mile from July 1 through the end of 2022, it’s 62.5 cents per mile. The standard mileage deduction is vastly simpler. If you drive to your classes, you have a choice: You can either take the standard mileage deduction for each mile or you can track and calculate all your auto-related expenses-including gas, oil changes, repairs, license and registration, parking, and depreciation. Think of it in terms of any cost related to someone potentially learning about your teaching. Same goes for printing costs for posters or biz cards. If you opt for paid social media promotions or use a scheduler, those expenses are deductible, too, as are any costs related to email marketing. It also includes any photo editing or graphic design software or platforms (such as Canva). That includes your website domain fee as well as your website builder subscription (such as Wix). This catch-all category covers any expense that helps you promote your business. What Yoga Teacher Tax Write-Offs You CAN Deduct Advertising You probably want to consult with your accountant regarding your deductions. The list is not exhaustive, nor does it pertain to each individual’s unique situation. Following are expenses that yoga teachers can legally itemize as deductions on the IRS tax form known as Schedule C. If you have a stack of 1099s declaring your income from yoga studios or a stream of payments from students via Venmo, Zelle, or other payment apps, you’re self-employed.īut what is “normal” when it comes to expenses? The government has some surprise stipulations. If you meet the criteria for self-employed, you can typically deduct “normal expenses” that support your ability to conduct and run your business, says Lisa Greene-Lewis, CPA, a TurboTax expert. ![]() But those talents, while valuable, won’t exactly help you when it’s time to do your taxes.ĭetermining which yoga teacher tax write-offs you’re able to (legit) deduct on your return can be…complicated. Heading out the door? Read this article on the new Outside+ app available now on iOS devices for members!Īs a yoga teacher, you probably draw on intention and maybe even intuition to lead your students through their practice.
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