Are you considering becoming a Beachbody Coach but are worried about having to file your taxes an independent contractor? Are you a current Beachbody Coach that didn’t even know that you should be saving for the end of the year taxes? If you are later, take a deep breath, you don’t have to worry any longer thanks to Painless1099.
This startup has created an algorithm designed to help with freelance taxes. They do all the work to save you nearly exactly what you will need come tax time. The process is simple too!
Independent Contractor Taxes made Simple
- Create an account with Painless1099
- Once your account has been established, input your account information into your Beachbody Coach account
- Once you receive your first check, it will be routed through your Painless account. The business’ algorithm will retain the portion of the paycheck you should be saving for taxes. This is based on the information you tell the business regarding your expected income. The amount will be stored in the savings account until you withdraw it (hopefully at tax time).
- Painless will then deposit the remainder of the check into your traditional savings account and you are free to do whatever you need to with it
Filing taxes as an independent contractor can be tricky. I have so many friends and fellow coaches that have been screwed over at tax time. This is simply because they didn’t know how their taxes were going to be. Come tax time, I always use an accountant because it makes my life easier. I let him file all my business receipts. He helps me track my business mileage and expenses to make sure I am paying the right amount of taxes (or getting a nice refund).
Painless makes sure that I am not slapped with a huge unexpected bill at the end of the year. What few people realize is that after your first year of coaching with Beachbody, you need to start paying your estimated taxes quarterly (April 15th, June 15th, October 15th, and January 15th). Not making these payments can lead to a penalty. The government gives you a pass from quarterly tax payments during your first year of freelancing so it is important that you talk to your accountant when you file about how quarterly payments work in your state. Quarterly payments can be tricky but Painless has a solution to help with that as well and will work to remind you. They do this so you can focus on your team!
As a current freelancer and Beachbody coach, I want to help all my coaches achieve financial freedom. That starts with understanding freelance taxes. After all, we got into the business to help people not worry about taxes. Painless has allowed me to completely forget that I am supposed to be worried.
If you are considering getting into the business and are not currently working with a coach, I would love to share everything I have learned with you to help you grow your own business.