295 – John Briggs – Fitness Studio Tax Strategies to Increase Cash Flow

John Briggs (john @ incitetax.com) is a tax genius, author of Profit First for Microgyms, and owner of Incite Tax and Accounting in Sandy, Utah, a multi-million-dollar firm adapting Michalowicz’s Profit First concept serving microgym owners focusing on tax and cash flow strategies. 

John has been featured in CrossFit Journal, Box Pro Magazine, and on microgym podcasts such as Two-Brain Radio, WTF Gym Talk and The 321 Podcast; and has been sharing his expertise in fitness business events like the Gym Owner’s Growth Summit, ProfitCON and Two-Brain Summit. 

Listen to my previous podcast with John HERE.

In this episode, John Briggs gives tips and strategies on how to be more tax efficient and drive up cash flow in your business. We talk about finding the right business entity for your fitness business, writing-off expenses to maximize cost savings, classifying your team or coaches, and much more.

Increase profits in your HIT business

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Show Notes

• 3:00 – IRS and the truth about income taxes
• 8:02 – What is a business entity?
• 9:04 – Sole Proprietor, Single/Multi Member LLC – pros and cons
• 17:47 – S Corp vs. C Corp – differences and benefits 
• 32:05 – How to shift to another business entity 
• 33:00 – How (and what) to write-off (ex. travel, car, equipment)
• 50:35 – Classifying trainers as employee or independent contractor  

Selected Links from the Episode 

• Incite Tax & Accounting
• Profit First for Microgyms: A Simple System for Healthy Cashflow by John Briggs
• Profit First for Microgyms (website)
• 248 – John Briggs – Profit First for Micro Gyms
• Internal Revenue Service (IRS)
• Form W-2

People Mentioned

• Lebron James
• James Harden