25 Tax Write-Offs for Self-Employed Athletes
NAICS business codeYour NAICS business code is a six-digit string of numbers that shows the type of work your business does. NAICS stands for North American Industry Classification System. When you do your taxes, you'll enter it in Box B of your Schedule C.711210
Your body is a temple, but what about your wallet? Too many athletes ignore the savings they can write off on their taxes, not realizing that bench pressing their deductions will boost their financial gains. From coaching fees to gym memberships and beyond, any business-related purchases you make as an independent athlete can save you money come tax time.
Not sure where to start? Don’t sweat! We’ve compiled the best list of write-offs for athletes, so you can set a new personal best on your tax bill.
If you need to get your uniform professionally dry cleaned , you can write it off.
This applies to clothing you can't reasonably wear outside of work. Everyday clothes don't qualify, even if you only wear them on the job.
Pay for your own uniforms ? Be sure to write them off. That goes for your required practice kit too.
This applies to clothing you can't reasonably wear outside of work. Everyday clothes don't qualify, even if you only wear them on the job.
You can write off balls, nets, shoes, and more, as long as you use them for work.
Professional memberships, union dues, and other fees are tax-deductible.
The share of your dues that goes toward lobbying isn't deductible — your organization can tell you what percentage that is.
If you have an agent represent you, write off their fees or commissions.
Fees you pay a coach, personal trainer, or training program to sharpen your competitive performance are deductible.
This covers training that maintains or improves skills for the work you already do. Courses that qualify you for a new trade or profession are not deductible.
Gym and training-facility fees are deductible when tied to your competitive training — only the business-use portion counts, not general personal fitness.
Sessions with a sports psychologist or mental-performance coach that support your competitive career are deductible.
Software or services you use to review game film and analyze your performance are deductible.
If you drive for work ...
If you drive for work, make tax time a home run by remembering to deduct car expenses. This doesn't include driving to and from work itself, but it might include:
Driving to a match or practice session
Meeting with a coach
Picking up sports gear
Parking for a meeting downtown, or any other work trip, is tax-deductible!
A toll while driving to or from a work destination is tax-deductible!
If you buy a new car, you can write off part of the cost every year for five years.
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Car insurance monthly fees, registration, even roadside assistance are partially deductible — if you use the actual expense method. The standard mileage rate already covers them.
Oil changes, repairs, and regular checkups are deductible if you use the actual expense method. Take the standard mileage rate instead and they're already baked into your per-mile deduction.
If you discuss work at a restaurant ...
The IRS can be a good sport when it comes to business meals. If you grab a meal or drink with a fellow athlete, coach, scout, lawyer, or journalist to talk about work, you can write the cost off as a business expense.
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off — 50% of the tab.
If you leave town for work ...
If you have to travel for work to attend an out-of-town game or industry conference, or to make a PR appearance, feel free to deduct your travel expenses.
Planes, trains, and car rentals are all work-related travel costs that can be written off.
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write-offs.
When you're traveling for work, your meals are 50% deductible — takeout included. (Long-haul truck drivers subject to DOT hours-of-service rules can deduct 80%.)
If you work from home ...
As an athlete, a lot of your work happens off the field, such as exercising, managing finances and paperwork, working on branding, or conducting industry research. If you do these things from a designated workspace at home, you can write off home office expenses.
A desk, chairs, lamps, and other home office necessities are all tax write-offs. Anything over about $2,500 gets depreciated on Form 4562 instead of written off all at once.
Repairs just for your home office are 100% deductible. Repairs to the rest of your home count too, prorated by your business-use percentage on Form 8829.
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
It'd be hard to work in an office without running water, huh? Your water bill counts.
You need internet to do your job! If you claim a home office, deduct it prorated on Form 8829 along with your other utilities. Internet you pay for on the road, purely for work, is 100% deductible.
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