Time out! We know that as a coach, you’ve got a lot of athletes to think about — but don’t forget to take care of yourself, too. One big way you can do that is by saving extra money on your taxes.
That’s right: if you work as an independent contractor, you can lower your tax bill simply by doing the job you love. By claiming these write-offs the next time you file, you’ll be saving time and money that you can then invest in your charges. (Or take a nice vacation during off-season — we won’t tell!) Now that’s a smart play!
If you drive for work ...
Your coaching work may land you on the road frequently: meeting with athletes and other coaches, picking up sports equipment, or driving to games and practices.
A portion of the money you spend on your car, such as paying for gas or repairs, can be written off your taxes.
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!
Car purchase & depreciation
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 & registration
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
If you leave town for work ...
Games and matches will often bring coaches to the towns of opposing teams. Any related travel expenses, such as breakfast the morning before a big game or the cost of a hotel, can be written off.This also includes travel to things like industry conferences or workshops.
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, all meals are tax-deductible. Even takeout!
If you work from home ...
Many people get into coaching because they love being on the field or court. But a lot goes into a successful coaching business off the field, too. Many coaches work on things like industry research, finance and paperwork management, or continuing education courses from home. In this case, a portion of home office expenses can be claimed on your taxes.
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
You can write off up to $2,500 for individual repairs to your property.
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? You water bill counts.
Your Comcast bill is a tax write-off. You need internet to do your job!