As a fitness professional, you likely spend a lot of time studying the body and honing your ability to design and coach workouts. You possess an extensive amount of knowledge in program design, anatomy and behavior change; however, how well do you deal with financial matters?
Clients hire you to help them assess their physical fitness and guide them toward their health and wellness goals. That’s exactly what an accountant does, except instead of assessing personal fitness, he or she assesses financial fitness and then makes recommendations for how to become more fiscally fit.
Shannon Weinstein, founder of Financial Solutions, is both an ACE- and AFAA-certified group fitness instructor and a certified public accountant (CPA), which makes her uniquely qualified to understand the complex financial needs of fitness professionals. For example, many fit pros work as both an employee and independent contractor. Employment classification—as an employee or contractor—could affect withholdings.
In this episode, Weinstein explains what may or may not be eligible for tax deductions, and she offers basic accounting strategies specifically crafted for fitness professionals.
Note: The information addressed on this podcast is for general purposes and is not meant to provide any specific advice. Please see an appropriate tax professional for assistance with any financial issues.