topic My husband started a business last year, a single member LLC, as a personal trainer/private coach. How do we report/deduct free sessions done for potential clients? in Business & farm

My husband started a business last year, a single member LLC, as a personal trainer/private coach. How do we report/deduct free sessions done for potential clients?

nieboer2010 — Tue, 04 Jun 2019 00:43:10 GMT

You don’t. Your tax “reduction” is the fact that you hav...

Opus 17 — Tue, 04 Jun 2019 00:43:11 GMT

You don’t. Your tax “reduction” is the fact that you have less taxable income to pay tax on. You can’t take a deduction off of revenue you never got.

So it’s not considered a “loss” for that time he spent wh...

nieboer2010 — Tue, 04 Jun 2019 00:43:13 GMT

So it’s not considered a “loss” for that time he spent which he could get paid for by training a paying client?

The "loss" is that you don't get paid. And therefore you...

Opus 17 — Tue, 04 Jun 2019 00:43:14 GMT

The "loss" is that you don't get paid. And therefore you don't pay tax on what you don't get paid.
If he incurred costs, like gym fees and travel expenses, for those clients, those expenses are still deductible business expenses.