Today, I had the opportunity to sit and have a conversation with Billy Hofacker, a successful gym owner and business coach. We discuss how he navigated the awfulness of 2020, from the start of COVID and business and gyms shutting down across the county to tentative reopenings. He shares with us some things that he felt went right and is also transparent about…
Ok guys, hard facts time… You cannot count on selling your gym as your only retirement plan. That’s just not how it works in this industry, unfortunately. The truth, at best, with great systems and resources, I have seen gyms sell for just a little more than their annual revenue. Typically, however, a gym would normally just be purchased for its assets. …
Over the past weekend, I had a potential new member reach out to me, looking to possibly join my gym. In their message, they mentioned that their previous gym had closed its doors and that is why they were looking elsewhere. Being the opportunist that I am, I got a bit more information and then ended up reaching out directly to that gym…
Can you write off your vehicle? The answer is yes… but there are some things you should know before learning how to deduct your vehicle. As a business owner it’s exciting to think about deducting all these expenses. However, the IRS is very good at making things complicated. It can be hard to know what specific expense can be deducted and what they…
If you’re sick of being stuck paying a lot in taxes and are looking for some strategies to keep more money, then review these top 5 huge tax saving strategies and take action right now. Paying attention to these as a business owner will not only make you a lot of money right now, but it will also grow your bank account perpetually, remove…
Today we are sitting down with one of my favorite people, Chris Cooper from Two-Brain Business. He is one of the best minds in the business! Since creating the Two-Brains system 2 years ago, they have been just cranking out the content! They provide such incredible and much needed support to the small gym owner industry and I wanted to sit down with Chris…
Here’s a story about two microgyms we work with. We’ll call the first one Multigym LLC. Multigym LLC is in a major U.S. city. At the time of writing, the two owners had four locations earning more than $1 million in revenue. The second gym we’ll call Singlegym LLC. Singlegym LLC is in a small market. It has one location and…
Received the PPP loan? You’re definitely going to want to watch the video that goes along with today’s blog for a more thorough explanation. This video goes about walking you through how to fill out your own PPP Loan Forgiveness application. Starting from the top of the application, here is a brief overview of the process: At the top of the application you…
Mindset Change “Accounting is a necessary evil.” Geez! That sounds like a prison sentence where you are stuck having to do something even though you hate it. We can never get excited about something if we think it’s evil. Accounting is necessary. Not evil. When it’s approached properly… Your accounting efforts will produce financial statements that give you insights into your cash flow. It…
Today, I am honored to sit down with the incredible Jake Thompson, a motivational speaker who teaches teams to build grit, accountability, and to compete every day! You can get more info on Jake and his message on his website or in his book Compete Every Day! I personally read this book and loved the message which is why I asked Jake to do…
Today, we are excited to have a conversation with some folks from Wodify. What’s Wodify? It’s an amazing company that I am sure many of you have heard of. If not, I am very happy to be the one introducing them to you! One of the things we look at when we’re helping gym owners stay in business and reach profitability is how…
It is the time of year where you are asking yourself, what can you do in the next 2 and a half months to save thousands of dollars? This may seem like a long shot gimmick, but the reality is there are actually things you can start doing today to set you up for next year. It is called year end tax planning! …
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Sandy, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
Incite Tax believes in sticking it to the IRS. If you're looking to better your financial situation contact us!
© 2020 Incite Tax. All Rights Reserved.
Professional Website Designed by WP Slopes
