It's that time of year when you are feverishly trying to complete your tax returns. As you’re collecting documents and crunching numbers, here are five tips to remember to help you avoid getting audited. 1. Report All of Your Income An easy way to get audited? Failing to report all of your income. For example, if you own a studio, and you teach some workshops, host retreats, or have private clients on the side, make sure you accurately report all of the money you are bringing

Deducting your yoga business expenses from your income reduces your tax bill. Deductible expenses are those that are seen as “ordinary and necessary” for conducting business. Use the following checklist as a guide to ensure you capture all of your yoga business expenses when filing your taxes. ✓ Advertising Any materials for marketing your yoga business (e.g. flyers, signage, ads, branded promotional items, or events) and the cost of developing those (e.g. designer co

We know. You're exhausted and overwhelmed. You just finished your 2017 taxes and now we are already posting about next year's taxes. But simply understanding when and what you have to file throughout the year can save you a lot of frustration at tax time. To avoid headaches (and paying penalties), mark your calendar with the following important tax deadlines. April 17, 2018 Estimated Quarterly Payments If your yoga business pays taxes on a quarterly basis, the first 2018 est

As a busy yoga teacher and/or studio owner it is tough to remember all of the things your tax preparer may need to do your taxes, but it is essential that you gather all of the necessary documentation to save both time and money. Here is a handy list to help you get started. Your Yoga Business's Net Income Give your tax preparer a Profit and Loss or Income Statement, showing your revenue or gross income for the year. A Profit and Loss Statement or Income Statement is a financ