• 7 Tax Strategies to Save Big Money as a Gym Owner

  • Dec 19 2024
  • Length: 31 mins
  • Podcast

7 Tax Strategies to Save Big Money as a Gym Owner

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  • Summary

  • 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.

    Links

    Gym Owners United

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    03:26 - Updating your books at tax time?

    08:51 - Getting a tax estimate

    11:54 - Don’t waste a dollar to save 35 cents

    17:47 - Utilizing bonus depreciation

    24:46 - A bonus strategy
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