7 Tax Strategies to Save Big Money as a Gym Owner

Tax season doesn’t have to be a headache; smart planning can reduce stress and save gym owners money.

In this episode of “Run a Profitable Gym,” former multi-gym owner John Franklin joins host Mike Warkentin to share seven tax strategies every fitness entrepreneur should know:

- Keep your books clean and updated.
- Get a tax estimate.
- Don’t waste money to "save on taxes."
- Hire your kids.
- Use bonus depreciation.
- Max out retirement contributions.
- Open a health savings account (HSA).

John dives into each strategy to help you make smarter financial decisions and reduce your tax bill. Plus, he shares a bonus tip for gym owners who earn over $100,000 per year.

Don’t let tax season catch you off guard—tune in now and take control of your finances!

To get Chris Cooper's model profit and loss (P&L) statement, join Gym Owners United using the link below.

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03:26 - Updating your books at tax time?

08:51 - Getting a tax estimate

11:54 - Don’t waste a dollar to save 35 cents

17:47 - Utilizing bonus depreciation

24:46 - A bonus strategy