If Fiscal AND Physical fitness are your resolutions for 2024, think about establishing a business gym for your employees on your business premises, or in a separate building, to create a tax deduction.Not only can this provide you with a tax deduction, but it also gives tax-free benefits to your employees.
If you have no employees, you don’t qualify for the tax-free fringe gym benefit—and no, you cannot deduct your gym membership (even for medical purposes). Also, you likely can’t deduct a gym that is in your house, even if you have a tax-deductible principal office in your home with several employees working there.
Your rank-and-file employees and their families must use the gym more than the officers, shareholders, and highly compensated employees and their families do. When you achieve the primary-purpose result above, your business gets the tax deduction, and you and your employees use the gym tax-free.
Interested in this deduction or looking for ways to maximize your profits?
We welcome you to take advantage of a free discovery session by visiting New Client Application or https://calendly.com/d/46r-49m-93k/10-minute-intro-call.
