Transcript
Hello, and welcome to Insight Coach Pro. Let’s talk about how to get started with our Finance Module.
The first thing you’re going to do within the Central Dashboard is select the Athlete Revenue View on the right-hand side. And if you simply click Create This Year’s Budget, it will automatically create a budget with the athletes who were active during this calendar year.
If these athletes were also active in a prior calendar year, then their rates and payment schedule will copy over from that prior year. If not, you can quickly edit it here. This view on the Central Dashboard will give you a quick summary of your athlete revenue for the calendar year.
You can also go into a lot more detail about your revenue. If you go to the Finances Revenue page, you’ll see that same information for athlete revenue up top. Let’s say you have an athlete who’s going to also do some private swim lessons with you. You can add those here. You can add one-off revenue from camps. You can add recurring revenue from group coaching and any other revenue that you might have.
On the expense side, you can also add both recurring and one-off Expenses. Say you have some camp expenses in March. You might have some expenses for that monthly group training. You might have an insurance bill and other things of that nature. All of these Expense Categories are organized based on the Schedule C tax form, which corresponds to your business income from your coaching practice.
Once you’ve added both Revenues and Expenses, you can go to the next page, The Net Income and Taxes page. This will show you a summary of your income and expenses, and you can expand it to understand where those summaries are building up from.
Then you can also get a quick overview of your potential business tax liability. This is not a substitute for tax advice from a qualified tax professional, but it does give you a quick understanding of your potential tax liability for your business. You’ll want to enter the appropriate settings, whether you’re single or married filing jointly for your tax return, your tax bracket for your total income, the associated assumed tax bracket here will be just based on your coaching income. If you have any other income for your household, you’ll want to adjust that appropriately. And then you’ll also want to indicate whether this is the primary income that will be reduced by things like the standard deduction, maybe charity deductions, things like that, or if it’s supplemental income which would be kind of your top layer of income taxed at your maximum tax rate.
Once you’ve entered these settings, then this will give you a decent understanding of your tax liability for your business. And with that, you’re able to effectively track your revenue and expenses as they come in from the year, as well as project your future revenue expenses and your tax liability for any given calendar year.
