Get ready to learn about gym ERC tax credits, because it may just be worth cash in your bank account. Welcome, this is Sweat Equity from Exercise.com, where we cover everything about the business of fitness. We’re like Pavel Tsatsouline meets Stephen Schwarzman. Or if your accountant did GOMAD 20-rep squats. Or if you had time to finish Murph in <45 mins and knew how to depreciate your equipment. Or… you get the idea.
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Have you asked your tax advisor about the ERC?
This is not tax advice, and we are not CPA’s, but we do know how to find you one.
“Have you heard the phrase “ERC” being thrown about?
It stands for: Big Money Is On The Table For Your Business To Grab.
Ok, not really.
ERC stands for Employee Retention Credit.
But in all seriousness, it probably does mean tens of thousands of dollars in the form of a refund check for your business.
In fact, if you’re a gym or fitness business owner reading this, we’re nearly certain that your business is eligible to receive thousands of dollars back from the IRS.” (Source: The Fitness CPA)
Do gyms qualify for ERC? Yes! Almost every fitness business can qualify for the ERC tax credit. If you want help evaluating whether YOUR gym is eligible for the ERC tax credit then contact us because we have an expert ERC tax credit specialist that has worked with many different gyms, fitness studios, and other fitness business owners.
Basically, if you have W-2 employees and were effected by COVID (and which gym or fitness business wasn’t?) then even if you did not have a revenue decline (which, many of our best Exercise.com customers did not) you may still be eligible for the ERC tax credit. Our tax credit specialists will walk you through a gym ERC tax credit calculator to determine how much you might qualify for.
As a gym owner you might be asking, “Can I still claim the ERC credit?” Yes! Gyms have until 2024, and in some cases all the way until 2025 to claim the credit. But don’t delay.
Contact us today and just mention “Gym ERC Tax Credit Eligibility”.