Sharing Love & Light doesn’t have to be taxing
Taxes can be dreadful for a variety of reasons.
To be honest, I don’t know a yoga teacher who also enjoys talking about taxes. Except me. (If you know any others, please connect us!)
I’m an attorney (with a J.D. and an LL.M. in taxation) in my 11th year of practice and a yoga teacher in my 3rd year of teaching, though I’ve been a yoga practitioner since 2004.
Combining two things that light up my brain and heart, I’ve written an eBook on taxes for yoga teachers.
Not Convinced? Let me ask you a question.
Where are you getting your tax information?
Filing your tax returns is a serious business. So you should trust your source of information.
The information you rely on should not be from fellow teacher who quotes his or her accountant in a group chatroom.
The information you rely on should not be based on a Google research from unreliable sources.
If you are relying on any resource, take an extra moment to review the author's credentials. Does he or she have the relevant educational and/or professional background and experience?
You can read about me here.
Tax Deductions for Yoga Teachers
Write Offs, Hacks, whatever you call it, they’re deductions
I have two offerings for tax deductions for yoga teachers.
If all you are looking for is a simple list of tax deductions (write offs) common for yoga teachers, you can download the free bullet list.
If you are looking for more professional information with details, you can purchase the eBook.
This eBook is not for you if:
This is not going to be as helpful if you only teach as an employee, you have no other yoga offerings of your own, and you do not plan to have any other offerings in the future. If you are teaching as an employee only (receiving Form W-2 from your employer(s)) and you do not plan on having any other yoga offerings in the future, you do not have a yoga “business” to take business deductions.
This eBook is for you if:
With a little bit of information on employees vs. independent contractors
This is an eBook written specifically for you, yoga teachers, so you can maximize the tax deductions you are legally entitled to when calculating your business profit and the taxes you owe.
It can also be used by other wellness professionals. At least two families in our audience each own a martial arts studio.
This is helpful whether you’re a full-time or part-time yoga teacher and whether you have a tax preparer or you are doing your own tax returns using a tax preparation software (such as TurboTax, which is what I personally use as well).
If you have current yoga offerings of your own or incurred some expenses in preparation of your future offerings (e.g., retreats, workshops, yoga in the park), you are a self-employed business owner of your yoga business! This is true even if you have other part-time or full-time job(s).
I already have a tax preparer. Why do I need this?
I'm glad that you are working with a professional tax preparer! After all, not everyone finds tax (or law) to be as interesting as some of us.
Let this book empower you with information. Some of the teachers I spoke with told me that while they have been working with a CPA (some for a very long time), they didn't necessarily feel comfortable asking questions to their CPA. Here is an opportunity to arm yourself with very specific and relevant information for your yoga business so you can gain clarity on exactly what information to organize and submit for preparation.
Did you know? Even if you have a tax preparer, that preparer is not responsible for helping you in case of a notice or an audit. So you should understand and agree with the approach being taken by your professional.
What laws apply?
The eBook is written based on the tax laws of the United States (US) for a specific tax year and intended for US taxpayers.
Can I write off the cost of this eBook?
I’m glad you asked. YES, the cost of this eBook is a tax deductible business expense. 😍
Why should I buy this when there is so much free information online?
That is a very reasonable question. Let me explain.
Yes, there are a ton of articles and websites available for free out there. I've seen them myself and also been told by other teachers that there are endless inaccurate tax tips out there.
Generally speaking, you get what you pay for. So what are you getting when your tax information comes from Google search results, word-of-mouth from a fellow yoga teacher, or even an article written by a seemingly reputable source?
For instance, this TurboTax article has been circulated among many yoga teachers as a reliable source of information. After all, it is written specifically for yoga teachers and instructors.
The article states that "Yoga apparel for teaching your classes" is deductible (at least as of January 23, 2019).
Do you know what the Internal Revenue Service (IRS) says?
Work Clothes and Uniforms - You can deduct the cost and upkeep of work clothes if the following two requirements are met.
You must wear them as a condition of your employment.
The clothes aren't suitable for everyday wear.
Then it goes on and on about the topic, which, you probably don't want to read.
On this topic, I've written the content as follows:
Contrary to the popular (or perhaps hopeful) belief, yoga apparel is not deductible.
You can deduct the cost and upkeep of work clothes if: (1) you must wear them as a condition of your employment and (2) the clothes are not suitable for everyday wear.
Considering especially how fashionable yoga clothing is, yoga apparel does not meet this definition of deductible cost and upkeep of work clothes.
See how much easier this was?
With this eBook, you can have relevant and specific information written by someone with the necessary professional and personal background.
It is written very recently to file your tax return for this year (not years ago).
Plus, it can be downloaded immediately after your purchase so you don't have to send questions and wait for answers or set up an appointment with a qualified tax professional.
You can get clear and confident about your tax deductions by making a small investment for your business.