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Can you make your gym membership deductible if you’re the sole employee of your business? 🧐 The crux of the issue lies in Section 162, which requires business expenses to be both ordinary and necessary. For most industries, a gym membership doesn’t fit the bill. So, it ends up being a taxable fringe benefit (like if your job provides you a free cafeteria lunch every day). This means it’s deductible for the business, but you, as the employee, must include it in your payroll – effectively just shifting income and increasing your employment taxes. One loophole is having an on-premise gym, making it a non-taxable benefit for the employee but still deductible for the employer. However, with Section 262 in play, personal expenses can’t be deducted. Good luck convincing an auditor that your in-office gym is purely for business when you’re both the employer and the sole employee. 😂 #Tax Deduction #Business Expenses #CPA #Tax Tips #Tax Strategy...