Coaching Classification can be a real head ache.
1099 VS W2…
which is a better classification for your coaches?
Today, I am going to share a tip on a topic that I am becoming somewhat known for.
When it comes to classifying your coaches it is not at all a black and white subject. It is very important to me to help you, as a gym owner, understand that this isn’t a conversation where always or never belong. There are options, as long as you understand them.
Independent contractors often get a bad reputation. It tends to be associated with the idea that the Gym owner is being greedy or forcing a tax onto their coaches instead of them picking it up for them. The reality though, a good tax accountant can help educate them on how being a 1099 contractor would ultimately reduce their taxes and be of great benefit to them.
Check out this quick video I made to help you understand the difference in how to classifying your coaches.
We offer a more in depth evaluation of the “24 factors” to help you determine whether your coaches should be labeled as employees or independent contractors to help guide you through the decision making process.
If you are interested in learning more about those 24 factors or have more questions on this topic we would love to talk to you.
My new book Profit First For Microgyms that launches January 2020 will contain a chapter that focuses on tax strategy and will go into more detail on coach classifications. You can pre-order your copy today by clicking here.
Don’t let yourself be bullied by the IRS. Let us help make sure that you are protected!
If you’re wanting a Tax Genius to take a look at your situation to see if you are saving that maximum amount possible, head over here and we’ll take care of you.