As a Beachbody Coach, I first want to say, I am not a tax professional. However, as someone who works in financial services and has been a freelancer for nearly 2 years and has had to pay quarterly taxes, create an itemized list of deductions, and worked with my tax professional, I have a good understanding of what I can deduct from my business and what I certainly cannot.
Becoming a Beachbody Coach has given me so much self-confidence, motivation and drive and I wouldn’t change a thing; however, there are a lot of misconceptions out there that when you have a “business”, even as a discount coach, you can write everything off including what you personally use for your workouts. This is not the case.
If you are thinking about getting into the business it is important to know that you will be a registered contractor and if you make over $600 throughout the course of your first year, you will receive a 1099 form from Beachbody. You should always claim what you make from a business; however, anything under $600 will not receive an official form. If you do make more than $600 than a copy of that official form goes to the IRS just like any other job.
There are many benefits and perks you can receive as a Beachbody Coach including:
- 25% discount on all things Beachbody
- Make amazing friends
- Help so many people reach their health and fitness goals
- Opportunity to earn free trips, prizes, apparel, swag, the list can go on and on
Through hard work, commitment and dedication to growing your business, you can truly reap the benefits. And these benefits do include the Beachbody Coach tax write off benefits.
What counts as a Beachbody Coach Tax Write Off?
Website Maintenance Fee
You know that Beachbody charges you approximately $15 a month to maintain your personally sponsored Beachbody website. You are able to write this off each month. Just track all of your receipts from Beachbody (credit card statements are fine).
Did you know anything you purchase that has the Beachbody logo on it that you wear out to an event, the store, to work out in can be written off? This is because you are using it to advertise the different programs. So feel free to stock up on your Beachbody swag!
Have you bought something to give away as a prize to one of your challengers or coaches that are crushing it? You can write that off too. Buying a bonus gift to give to someone who signs up for a challenge pack is an acceptable tax write off. For example, when Shift Shop launched in prep for our Bootcamp, I purchased 3 agility markers to give away to my challengers. That is a tax write off.
Social Media Ads
If you have run a social media paid campaign, you are able to write off those expenses; however, you must keep the receipts. Documenting and saving the email that Facebook sends you each month with your bill or your credit card statement will do.
If you are going to a business conference or Team Retreat or Offsite, did you know that you can expense everything surrounding that trip? We are talking airfare, mileage, hotels, ticket entry, etc. Again, this is an area you are going to want to talk to your tax professional about to ensure that everything you did during that trip is a write-off expense. For instance, that show you went too may not be covered. Again, talk to a professional.
Are you writing notes to your challengers or coaches and sending them snail mail? Buying a new notebook for team call nights, pens to take notes? Yep, these are all write-offs too!
Please note, this is not a complete list of the tax write offs you can receive as a Beachbody Coach. If you are questioning if something is or is not a write-off, you should ALWAYS consult a tax professional.
Every month, my team does coaching sneak peeks so you can learn a little bit about what this coaching life is all about. Message me or leave a comment if you would like more details! And for all new coaches, each month, we run a 2-week long boot camp to help guide you through what your first month of coaching looks like.
You will make a great Beachbody Coach if:
- You have a passion for helping others
- Have a passion for health and fitness
- You are hardworking
- You are a self-starter
Things you don’t need to be to be a great Beachbody Coach:
- In supermodel shape
- In fact, some of the best coaches in the business are experiencing their own transformations
- An expert at Health and Fitness
- You don’t have to have tried Beachbody products before signing up to be a coach
Does this sound like you?