Article Archive
You’ve probably noticed that your clients don’t pay with cash or check as much. Is your fitness business prepared for cashless payments?
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The Internal Revenue Service can be tough on collecting income taxes, but it’s even tougher where payroll taxes are concerned. Mistakes in withholding and paying withheld taxes can be expensive, even when a third-party payroll service is involved, as the IRS recently revealed (TIGTA 2015).
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Tax season may have just ended, but that doesn’t mean preparation should take a vacation. Here’s news that every fitness professional who runs his or her business from a home office or uses a home office for management chores will be happy to learn: The Internal Revenue Service has announced that beginning with the 2013 tax year, a new “safe harbor” will allow qualified taxpayers to deduct as much as $1,500 in home office expenses—while reducing the administrative, recordkeeping and compliance burdens of claiming this deduction.
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