If you are a pro, can you deduct bike related stuff on your taxes? I always wondered what you could get away with.
Disclaimer: I am neither an accountant nor a tax attorney, so don’t base your financial future on my advice. Definitely talk to your tax person.
Yes. If you derive income from bike riding, you can deduct your bike-riding expenses. If you can tie all of your riding, training, travel and parts expenditures to the money you make as a rider, it’s all fair game.
If your riding is half business and half pleasure, you can deduct half of your riding expenses. If your riding is 75% fun and 25% business, you can deduct 25%.
A significant portion of my [puny] income comes from bike coaching, selling bike books, writing bike articles and copywriting for bike companies. If I’m on a bike, I’m either teaching, training or researching. I deduct all of my bike expenses.
Note: There is a rule that says you must turn a profit in a certain number of years. If you always show a loss, you can’t claim your bike expenses. Ask your tax person.
Very few people make money riding bikes. If you’re one of them, bike riding is a sweet tax deduction!