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

With Hanukkah upon us and Christmas and Kwanzaa right around the corner, it is definitely the season for giving. Gift cards are one of the most popular and requested presents for people of all ages. As a giver, you feel confident in your gift, and as a receiver you essentially get to choose your own adventure. Gift cards are a win-win for everyone in many cases. That is precisely why as a yogi entrepreneur, offering gift cards can be advantageous to your yoga business. Benef

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

Children benefit from yoga - they learn how to exercise, develop confidence, exhibit self-care, and even to focus. To encourage kids to practice yoga and reap the benefits, it is commonplace for studios and instructors to offer after school programs, day camps in the summer and on school breaks, and other enrichment activities tailored directly to children. However, the law approaches working with children differently from working with adults - even in the context of yoga. H

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Sadly, summer is almost over, but there is still time to add some books to your summer reading list as you make your transition to the more structured (and busy) days to come. Here are three books that will keep you motivated, efficient, and encouraged as you are growing your yoga business in the frenzied fall. The Life-Changing Magic of Tidying Up by Marie Kondō Sorting through old t-shirts in the dresser to find something to wear to work, dumping your makeup bag in pursuit

Although it's officially ♪♫♬ summer, summer, summer time, ♪♫♬ it is still not too late to spring clean your yoga business's records. Here are four quick tips to keep your business in tip top shape so that you can spend more time enjoying the long summer days. 1. Ditch Those Paper Receipts The Internal Revenue Service accepts electronic copies of receipts. Use an app like QuickBooks, snap photos, use your scanner, or, where possible, elect for email receipts . This will help y

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