As a trainer earning income on Perspire.tv you are responsible for understanding and meeting your own tax obligations. This article provides a general overview of what to be aware of. We strongly recommend consulting a qualified tax professional or accountant for advice specific to your situation and location.
You Are an Independent Earner
Trainers on Perspire.tv are not employees of Perspire. You are an independent content creator earning income through the platform. This means:
Perspire does not withhold taxes from your earnings
You are responsible for reporting your income and paying any applicable taxes
Your tax obligations will vary depending on your country, state or province, and personal tax situation
Tracking Your Earnings
It is important to keep accurate records of your Perspire earnings throughout the year. Here are some tips:
Check your Wallet page regularly to track your Available Balance and payout history
Use the Recent Transactions tab in your Wallet to review your earnings history
Keep records of all payouts received in your Stripe account
Note the date, amount, and source of each payout for your tax records
Stripe and Tax Documents
Payouts from Perspire.tv are processed through Stripe. Depending on your location and the total amount you earn Stripe may issue tax documents such as a 1099-K form for US based trainers who meet certain earning thresholds.
Log in to your Stripe dashboard to check whether any tax documents have been issued for you
Stripe will notify you if a tax document is available for download
Keep copies of all Stripe tax documents for your records
US Based Trainers
If you are based in the United States your Perspire earnings are generally considered self-employment income. This means you may be responsible for:
Federal and state income tax on your earnings
Self-employment tax which covers Social Security and Medicare contributions
Quarterly estimated tax payments if your total tax liability exceeds a certain threshold
The IRS threshold for receiving a 1099-K from a payment processor like Stripe may change from year to year so check the current IRS guidelines or consult a tax professional for the most up to date information.
International Trainers
If you are based outside the United States your tax obligations will be governed by your local tax laws. You may need to:
Report your Perspire earnings as self-employment or business income
Register for VAT or GST depending on your country and earning level
Comply with any local reporting requirements for income earned from foreign platforms
We recommend consulting a local tax professional who is familiar with income earned from international platforms.
Business Expenses
Depending on your tax situation you may be able to deduct certain business expenses related to your Perspire channel from your taxable income. Common deductible expenses for fitness content creators may include:
Camera, microphone, lighting, and other equipment used for filming
A dedicated workspace used for filming and content creation
Software subscriptions used for video editing
Marketing and advertising costs
Professional development and certifications
Again consult a qualified tax professional to understand which expenses are deductible in your specific situation.
Best Practices
Set aside a percentage of each payout for taxes so you are not caught off guard at tax time
Keep receipts and records of all business expenses throughout the year
Consider working with an accountant or tax professional who has experience with self-employed content creators
Stay up to date with tax law changes that may affect your obligations as an online income earner
Disclaimer
This article is for general informational purposes only and does not constitute tax or legal advice. Tax laws vary by location and change frequently. Please consult a qualified tax professional for advice tailored to your specific situation.