Taxes as a Beachbody Coach

freelancer 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

  1. Create an account with Painless1099
  2. Once your account has been established, input your account information into your Beachbody Coach account
  3. 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).
  4. 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 itpainless-1099

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).

Quarterly Taxes

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!

quarterly-taxes

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.

Contact me today through email or Instagram and we can make sure your business is run as painlessly as possible, no promises that the workouts won’t be painful.

Why I Started Freelancing

freelancing writerA few months ago, I made a switch in departments to work on a special project within my full-time employer. Many of you know that I hold two degrees, one New Media Marketing, and the other Management Information Systems. My ideal job will always utilize both of these degrees. As I moved into this new role, I very quickly learned it was much more technical than I was used too. I quickly began to sink into using what felt like only my left brain. After talking through with my management team and determining there was very little to get creative with until the project was done, I began to consider other alternatives. Now when I say there was very little to get creative, I don’t mean to say that there is nothing to be creative on this project, but much less than I was used from previous roles as this is a very time sensitive project. This is not the only project or task I am working on for the company but it is my main focus until at least December. That is what led me to consider freelancing on the side.

With that being said, by reading my blog I am sure you have realized that I am the type of person that needs to engage both halves of my brain. Call me the stereotypical millennial because I can become bored easily when doing the same task day-in-and-day-out. Fine, so be it. I love ensuring that at the end of the day when I go to sleep at night, I feel fulfilled. Freelancing fulfills my need to be creative so I don’t have that itch while I am working through data on the project.

But what I have found through freelancing is I love it. I love being able to help a variety of clients and learn about new industries every week. Since I have been really engaged with it for the last three months, I have received multiple ongoing projects. I have now reached the point where I really enjoy the clients that I work with through UpWork (a freelancer and employer connection site).

I love to be able to tell clients that I am freelancing because I love the work not because I need the money. I love being able to use exactly what I did at the agency and also what I trained to do in undergrad. I love being able to research new products and industries. I don’t freelance because I need the money. I freelance because it gives me a true sense of fulfillment with my overall day.

I feel like I am accelerating myself forward in my career as I continue to throw myself in 110% in my Technology Career and learn new skills in that area. But on the side, I am making sure I stay sharp in my digital marketing skills and knowledge of the industry, so that if I am asked to use them again in my career, I don’t have to retrain them. Nor do I ever want to lose that creative piece of my brain.

Reasons Why I Choose Freelancing

  • I don’t need the money
    • The money is a nice benefit of helping clients enhance their digital presence but is not the reason I choose to freelance.
    • I honestly think this makes me the best type of freelancer because I charge honest fees that relate directly to the quality of service that I provide.
    • This also allows me to choose the projects that interest me not just the ones that pay the best.
  • I love my full-time employer
    • I am of the firm belief that a fulfilled staff is the most engaged staff. As the projects concludes at the end of this year, I will re-evaluate my extra workload and determine if my with my next assignment, I can continue freelancing.
    • But every day, I can walk into the office knowing that I am happy and helping someone and doing the best work I can for my employer because I am truly content with my workload. Then at night, I can engage with my clients.

There are a lot of misconceptions out there that say, millennials have to find a part-time job on top of their full-time job because they need the money or they bore easily. I didn’t seek another job because I need the money (though the extra funds are a nice benefit). I love my job and my career choice, I just want to make sure that I am not limiting myself and my brain to what I am learning at the office. Instead, I am turning the time I would spend watching TV or reading Cosmo, into a fulfilling experience. Are there some millennials that do have to work 2 jobs to make ends meet yes. I am grateful that I am not one of those.freelancing

If you are looking for a freelance writer for either your business’s blog or social media and enjoy my writing style, feel free to leave me a comment or connect with me on social media! I would love to talk with you about your business!