Tax season is upon us. Are you ready? Use these tips from our team.
Your CPA is about to become your ex-CPA if you don't get them these documents by February 28th.
It's February 12th. Your CPA just sent you an email with the subject line: "Information Needed for Your 2024 Tax Return."
You opened it. You saw a list of 47 things they need from you. Your chest tightened. You closed the email and told yourself you'd deal with it later.
Here's what you don't know: your CPA's calendar is about to explode. Right now—early February—they're in "optimization mode." They have time to find deductions, structure your return strategically, and save you serious money.
By March 1st, they enter "survival mode." They're drowning in returns, working 70-hour weeks, and just trying to get everything filed by April 15th. If you bring them a shoebox of receipts in mid-March, they'll do the bare minimum to file your return on time. No strategic planning. No optimization. Just basic compliance.
The difference between delivering what your CPA needs in February versus March can literally be $3,000-$8,000 in additional tax savings.
But here's the problem: most fitness professionals have no idea what their CPA actually needs. They've been so focused on running their gym or training clients that their financial records are a disaster.
January coaching revenue? It's mixed between Venmo, PayPal, CashApp, Stripe, and checks. Equipment purchases? Some receipts are in your car, some are in your gym bag, most are lost forever. Mileage log? What mileage log?
Let me give you the exact checklist your CPA needs, in order of importance, with specific guidance for fitness professionals. Follow this guide, and you'll be your CPA's favorite client—which means they'll actually spend time finding you deductions instead of just rushing to file your return.
Your tax return isn't due until April 15th. So why am I talking about February 28th?
Because that's the unofficial deadline for being a priority client.
Here's how CPA firms work during tax season:
February: They have capacity. They can review your return multiple times, research deduction opportunities, structure things optimally, and strategize.
March 1-31: They're busy but manageable. They'll prepare your return competently but won't have time for extensive optimization.
April 1-15: They're in crisis mode. They're working 16-hour days just trying to get everything filed. Your return gets basic treatment.
After April 15th: You're on extension. Your return gets filed in September or October. You miss out on early refunds, and you pay estimated taxes based on last year's high tax bill instead of your optimized current-year amount.
If you want your CPA to actually save you money—not just file forms—you need to be in the February group.
Let me give you the complete list of what your CPA needs, organized by priority. Start with Priority 1 and work your way down.
Your CPA needs to know every dollar you earned in 2024. Miss something, and you'll trigger an IRS mismatch notice and potential audit.
Critical note: The IRS receives copies of all these forms. If you don't report income that was reported on a 1099, you WILL get a notice.
Why you need all of this: Your CPA needs to reconcile all sources of income to ensure nothing is missed. They'll cross-reference payment processor deposits with bank deposits to verify complete income reporting.
Fitness-specific income sources to remember:
Many gym owners forget they need to give themselves a W-2. If you're an S-Corp owner, you're both an employee and a shareholder. Your CPA needs both documents.
This is where most fitness professionals lose thousands in deductions. They spent the money but can't prove it, so they can't deduct it.
What you need:
Fitness-specific examples:
If you spent over $2,500 on a single piece of equipment: Note this separately. It may qualify for Section 179 bonus depreciation, allowing you to deduct the full amount this year instead of depreciating over time.
What if you lost receipts? Pull credit card statements and highlight equipment purchases. Your CPA can work with that. It's not ideal, but it's better than nothing.
What you need:
For home-based businesses:
Fitness-specific note: If you train clients in your home (home gym for personal training), you may qualify for home office deduction even if your business is primarily fitness training, not admin work.
This is the #1 missed deduction for personal trainers and coaches who travel between locations.
Option A: Actual mileage (most common)
What you need:
For 2024: 67 cents per business mile (increased from 65.5 cents in 2023)
Fitness-specific examples of business miles:
What if you didn't track?
If you have calendar entries showing client appointments or work locations, you can reconstruct approximate mileage using Google Maps. It's not perfect but better than claiming zero.
Option B: Actual expenses (less common)
If you used actual expenses (gas, maintenance, insurance, depreciation), you need:
What you need:
Tax treatment:
Fitness-specific examples:
Common mistake: Deducting meals that were purely personal. Your daily lunch is NOT deductible just because you own a gym. Meals must have a specific business purpose and ideally involve another person.
What you need:
Fitness-specific examples:
What you need:
Fitness-specific examples:
Note: The IRS recently changed rules on education expenses. Expenses must relate to maintaining or improving skills in your current business. You can't deduct education to qualify you for a NEW profession.
What you need:
What you need:
Fitness-specific note: If you're an S-Corp owner and the business paid your health insurance, those premiums are deductible on your personal return. Your CPA needs to know the total amount.
What you need:
Note: If you use your phone and computer for both business and personal use, you can only deduct the business use percentage.
These are easy to forget but add up:
If you contributed to any retirement accounts in 2024, your CPA needs this information:
Note: You can make 2024 retirement contributions up until April 15, 2025 (or your filing date if extended). Your CPA needs to know if you plan to make additional contributions before filing.
Don't forget these:
Your CPA needs your 2023 tax return to:
If you used a different CPA last year, get a copy of your 2023 return and provide it to your current CPA.
Don't just dump everything in a folder and email it. Your CPA will hate you.
Here's how to organize your documents to make their job (and your life) easier:
Main folder: "2024 Tax Documents - [Your Name]"
Subfolders:
Don't name files "IMG_2847.jpg"
Use this format: Date - Vendor - Category - Amount
Examples:
Your CPA will love you for this. Create a simple Excel or Google Sheet with columns:
Total each category at the bottom.
This summary allows your CPA to quickly see your expenses and cross-reference with your documents.
If you had any unusual transactions—large equipment purchase, one-time consulting revenue, vehicle sale, etc.—write a brief note explaining it.
Example: "Purchased $15,000 in new equipment in January to expand gym capacity. Financed through XYZ bank, loan details attached."
Your CPA needs to know about:
These changes affect your tax situation significantly.
The problem: You used your personal credit card and personal bank account for business expenses. Now you can't separate what's business and what's personal.
The fix for 2024 (damage control):
The fix for 2025 (prevent future problems):
Learn how proper bookkeeping systems prevent this problem.
The problem: You drove 12,000 business miles but didn't track any of it.
The fix: Reconstruct what you can:
The problem: You have hundreds of paper receipts stuffed in a shoebox, many faded or torn.
The fix:
The problem: You accepted payments via Venmo, CashApp, or Zelle but didn't track them.
The fix:
The problem: You haven't received 1099 forms from everyone who should have sent them.
The fix:
Let's be honest. Some of you are reading this thinking: "I'm so far behind. My records are a complete disaster. Maybe I should just file an extension."
Here's my advice:
Dedicate 10-15 hours THIS WEEK to getting your documents together:
Day 1 (3 hours):
Day 2 (3 hours):
Day 3 (3 hours):
Day 4 (2 hours):
Day 5 (2 hours):
Yes, this is a lot of work. But 15 hours of focused effort now saves you months of stress and potentially thousands in taxes.
If you're truly overwhelmed, consider hiring professional bookkeeping services to:
Cost: $500-2,000 depending on how messy your records are
Benefit: Your CPA receives clean, organized information and can focus on tax planning instead of data entry. This often results in $2,000-5,000 additional tax savings that pays for the bookkeeping service.
If you absolutely can't get organized by April 15th, you can file an extension.
How it works:
Downsides:
When extensions make sense:
When extensions are just procrastination:
You might be wondering: "Why does this article keep mentioning working with a CPA? Can't I just use TurboTax?"
For simple returns—W-2 income, standard deduction, no complications—TurboTax is fine.
For fitness business owners—you own a gym, run training business, have an S-Corp, hire employees—TurboTax is a disaster waiting to happen.
Here's why:
Generic tax software doesn't understand fitness industry expenses. It won't prompt you to deduct:
A CPA who specializes in fitness businesses knows every legitimate deduction and won't let you miss anything.
TurboTax can't advise you on:
These decisions affect your taxes by $5,000-$15,000 annually. Getting them wrong costs you multiples of what a CPA would charge.
TurboTax files your return based on what already happened. It's looking backwards.
A specialized CPA provides year-round tax planning:
Real example:
DIY with TurboTax:
Working with Fitness Taxes:
The math is obvious. The ROI is massive.
If you get audited:
Most audits result from:
A specialized CPA structures everything correctly from the start, dramatically reducing audit risk.
And if you do get audited, they handle it. You don't.
You've read this entire article. You know what your CPA needs. Now you need to act.
This week:
Next week:
Week 3:
Week 4:
By March 1st, you'll be done. Your return will be filed (or ready to file). You'll know your tax liability. And you can stop thinking about 2024 taxes and focus on 2025 tax planning.
If you're reading this and thinking "I don't have a CPA who specializes in fitness businesses," we should talk.
Fitness Taxes works exclusively with fitness professionals:
We understand the industry. We know the deductions. We've structured hundreds of fitness businesses for optimal tax efficiency.
Our services include:
The average client saves $6,500 per year in taxes and reclaims 250+ hours of time.
Even if we just break even on hard cost savings, you get 250 hours back to train clients, grow your business, and spend time with your family.
Schedule a consultation to discuss your specific situation.
Tax season doesn't have to be chaotic and stressful. With proper organization and the right professional support, you can file your return efficiently, maximize your deductions, and move on with your life.
The key is acting now—in February—before the March madness begins.
Get your documents organized this week. Submit them to your CPA by February 28th. Be proactive instead of reactive.
Your CPA will thank you. Your bank account will thank you. And you'll thank yourself when you're on the beach in April instead of frantically searching for receipts.
Take action now. Schedule your consultation.
Fitness Taxes is a specialized division of Asnani CPA, providing tax preparation, bookkeeping, payroll services, and proactive tax planning exclusively for fitness professionals. We help gym owners, personal trainers, and CrossFit coaches navigate tax season efficiently while maximizing deductions and minimizing stress. Learn more about our services.
