Beachbody business tax perksThe information below is NOT tax advice, it is simply my opinion based on my experience in figuring our taxes since joining the Beachbody business opportunity : )

Q: Are State or Federal Taxes withheld from your Beachbody Business Coach Income?

A: No. Therefore I recommend you put approximately 20% of your Beachbody Coach Salary into a savings account or fund.

Q. What are the tax benefits of the Beachbody Business Opportunity?

Many of your expenses will be tax deductible; therefore, the cost of starting and running a Beachbody business can actually end up saving you money every year. Jeff and I write-off a percentage of our utilities, cell phone, car expenses, meals, etc. We also write-off all of the samples, tools, and supplies we use. I simply keep a list of everything I give away or use, including brochures, postage, and mileage if we drive to meet someone about the business or a product. However, the way I understand it, ONLY products that you purchase for “business use” can be written-off, products you buy for personal use (consumption) cannot be.

Are Income Taxes more difficult to file once you join the Beachbody Business Opportunity?

I believe the best way to track your business expense is to either have a separate credit card, or a separate checking account (with a debit card.) It does not have to be a “business” account, but this way, at the end of the year you can use your statements and/or registers to add up the appropriate expenses. As for completing the tax forms, I truly do not know since Jeff and I have always used an accountant.

I hope this information help you, but if you have any further questions
about becoming a Beachbody Coach…please let me know!