January 2015 has arrived and before you know it, you will be super busy learning new routines and living your Zumba life. But, what about your financial life? Now is the time to take a few minutes to think about your financial fitness as an instructor!
- Employment: Are you an employee at the gym where you teach, or independent contractor? Please review your pay stubs and find out your status. You may be able to deduct clothing, membership, travel, etc. for tax purposes, but you'll need to know your status first.
- Speaking of, Taxes: Regardless of your employment status, the I.R.S. will want to know about it. Gather your paperwork and receipts for 2014 now to get organized.
- Insurance: Do you know exactly what your personal liability is in the event that someone is injured during your class? Even if your gym is covered, you may not be. What if you are involved in an accident on the way to a class? What if you are ill and can't work? Now is a good time to check in with your insurance carrier (and if you don't have one, get one!) to understand your coverage.
Being a Zumba instructor is very rewarding. But, we have to keep in mind that it is a business and you need to protect your interests. Your financial fitness will give you the peace of mind to pursue the
physical fitness goals of yourself and your students. Make it a great year!
Note: This information was intended for education purposes only and should not be considered legal advice. If you have questions or issues, make an appointment with a financial or legal professional in your area!
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