Tax time is coming up here in the States and I know how stressful the process of filing and paying our taxes can be for yoga teachers! Did you know that every year yoga teachers around the U.S. overpay in taxes due to a lack of knowledge around beneficial tax deductions they can take as independent contractors? To helps us all understand everything we need to know to prepare and file our taxes we have Michelle Linane joining us on the podcast today.
Michelle is the host of the Love Teaching Yoga Podcast and the creator of the Love Teaching Yoga website, a growing library of online resources to help yoga teachers refine their skills and build their careers. She’s written an e-book called THE YOGA TEACHERS’ GUIDEBOOK TO INCOME TAXES.
In this episode you’ll hear:
- the differences between being an independent contractor and employee when it comes to filing our taxes
- an explanation of basic tax forms that need to be filled out like 1040, SE, and Schedule C
- advice about record keeping and saving to pay our taxes
- an explanation of self employment taxes and 1099s
- some of the expenses we are able to deduct as yoga teachers
There’s some false and inaccurate tax advice circulating the teaching community, but you can trust this guidebook, THE YOGA TEACHERS’ GUIDEBOOK TO INCOME TAXES. Written by a yoga teacher and based on years of experience, this guidebook combines expert advice from a licensed EA tax professional with proof directly from the IRS. Nowhere else will you find such a comprehensive and reliable source of tax advice specifically for yoga teachers. This is truly a one-of-a-kind resource.