Tax-deductible expenses for studio businesses

My niche is working with studio businesses: dance studios, Pilates studios, Gyrotonic® studios, yoga studios and ballet schools. If you have a studio business, here are the top 10 expenses that are tax deductions, so make sure you have categories for them in your Chart of Accounts in your QuickBooks Online (or keep track on your bookkeeping spreadsheet).

(Disclaimer: this is educational in purpose and doesn’t count as tax advice. Please always check with a tax preparer for your specific situation.)

Top 10 Tax-Deductible Expenses:

Studio rent

Payroll expenses

Studio equipment (music players, props, furniture, etc.)

Maintenance and cleaning

Supplies (eg. printer paper and toilet paper)

Merchant fees (from your payment processor like Square or Transfirst)

Software fees (eg. Quickbooks, MindBody, Jackrabbit, or Gusto for payroll)

Continuing education and certifications

Self-employed Health Insurance (depends on your entity and the policy name can either be in your name or the business)

Business Insurance: business owner’s policy, professional liability, umbrella, etc.