Do you find yourself going into savasana a lot when April rolls around? We get it, filing your self-employment taxes can be overwhelming. And while deep breathing can certainly help with stress levels, it doesn't keep more of your income in your pocket.
What does help lower your tax bill is remembering to deduct business expenses on your Schedule C. You can claim most work-related costs, including teaching certifications, yoga mats, or even music service subscriptions for your classes.
To help make tax time at least a little breezier, we've brought a list of the top write-offs for yoga instructors to the mat.
Schedule C, Box 10
Fees to renew your certificate to teach yoga are tax-deductible.
Schedule C, Box 22
Yoga mats, blocks, singing bowls, and other supplies you use in class can be deducted.
Schedule C, Box 27a
Coaching, seminars, or workshops used to maintain your work-related skills can be written off.
Schedule C, Box 8
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
Schedule C, Box 8
Print and online advertising costs for your business are considered write-offs.
Schedule C, Box 11
If you need to hire an editor, designer, photographer, or other creative pro, write off what you pay them.
Schedule C, Box 8
Business cards, postcards, and other materials used to promote yourself are deductible.
Write off the streaming service you subscribe to so you can play music during class.
Is tax time approaching?
Take a deep breath and remember to write off car expenses if you drive for work, like between classes at different studios, or to pick up equipment.
Schedule C, Box 27a
Parking for a meeting downtown, or any other work trip, is tax-deductible!
Schedule C, Box 27a
A toll while driving to or from a work destination is tax-deductible!
Schedule C, Box 13
If you buy a new car, you can write off part of the cost every year for five years.
Schedule C, Box 22
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Schedule C, Box 15
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Schedule C, Box 9
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
If you meet with a client to talk about your previous teaching experiences or with mentors or fellow yoga instructors to talk about lesson planning or other work-related matters, remember to write off business meal costs.
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
If you attend a yoga conference or workshop in another city or get hired to teach an out-of-town yoga class, you can claim travel expenses on your Schedule C.
Schedule C, Box 24a
Planes, trains, and car rentals are all work-related travel costs that can be written off.
Schedule C, Box 24a
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
Schedule C, Box 24a
When you're traveling for work, all meals are tax-deductible. Even takeout!
If you film online yoga courses, plan classes, or work on advertising your business from home, you can write off a portion of your home office expenses.
Schedule C, Box 18
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
Schedule C, Box 21
You can write off up to $2,500 for individual repairs to your property.
Form 8829
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Form 8829
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
Form 8829
It'd be hard to work in an office without running water, huh? You water bill counts.
Schedule C, Box 25
Your Comcast bill is a tax write-off. You need internet to do your job!
