Taxes for a personal trainer?
The IRS does not care if you have an EIN unless you have employees. You can file everything under your social security number. You file a schedule C with your form 1040 to report income and expenses. You will also need to file a schedule SE. Be sure to track your expenses because you will pay income tax at your regular tax rate and self-employment tax at a rate of 15.3%. These taxes are calculated on profit. If the tax you owe at the end of the year is $1000 or less, you do not need to file quarterly estimated taxes. If it is more than that, you need to use form 1040-ES to file estimated tax payments quarterly or pay penalties at the end of the year for not paying quarterly. I do not know how PA state taxes are, but here in WA your occupation would be considered a Service, not retail.
Should i just get a personal trainer?
Maybe I'm biased, but trainers can be really helpful. I mean even professional athletes have one. The only thing is that each trainer is different. Some are extremely knowledgeable, and some I really question and I often overhear giving wrong info. So you really have to do your research on them if possible. They generally do help and can expedite results - I mean it's what they're paid to do. I think it really helps when you are starting out to set you on the right path. I've noticed some people making common mistakes for years or devising a plan that is very inefficient. But yes, it can be expensive. I'm not sure what your situation is, but if you work, some companies will pay part of the costs.
Personal Trainer Yearly Income?
The average seems to be around $35k/year. You can make upwards of $100k in certain places though. Just think of places where they're needed, you know?
Doing taxes for an independent personal trainer?
Yes, you must report the income as self employment on schedule C. This forces you to use the long version of form 1040 (you can’t use the 1040A or 1040-EZ form). On schedule C you can deduct any and all expenses that were necessary and reasonable expenses in running your business. If your net income was $400 or more you must also use schedule SE to compute your self employment tax. You can deduct your student loan interest as an adjustment to income on your 1040 form but this is not a business expense.
Can you write off hiring a personal trainer???
Everything Jeff K said was right now.. exactly. But.. keep in mind that your personal trainer is doing this right. My first meetings, I always talk. We need to know goals and eating habits and lifestyle to formulate a plan. It's a must! Only then can your trainer write a program for you.. that hopefully, will be a very strict nutrition program, outlined in detail. If not, get Burn the Fat, Feed the Muscle and do it yourself. March 29th is not enough time for results. With even the best plan and the most work being put in, the average result for almost everyone is to lose 2% bodyfat at most, in one month. You need to give yourself 90 days to see good results (6% bodyfat loss is much more noticeable). You spent 26 years putting extra weight on. Don't expect a personal trainer to be able to take it off you in 30 days. That will never happen.
Can my gym membership and personal training be used as a tax deduction?
In some instances if you get a doctor's PRESCRIPTION for it but you must include it with any other receipts that you are trying to claim for the medical deduction. It won't necessarily add up to enough to be able to claim. It is very rare.