IRS is now accepting returns – Let a dedicated CPA handle your taxes!
Income tax calculator for
Personal Trainer in Illinois
Answer the below question
1/4
Do you have freelance income?
Self Employed Personal trainer Taxes
These SE taxes are used to pay:
- Federal Income tax
- State income tax
- Self-employment taxes
- Social security
- Medicaid/medicare
Apart from these above-mentioned taxes, freelancers and self-employed workers also have to pay for:
- Capital gains taxes: both short term and long term gains
- AMT or Alternative Minimum Taxes for those earning over $100k annually
According to the IRS, self-employed workers who earn less than $400 annually don't have to pay the Self Employment tax.
Moreover, the self-employment tax is considered a tax-deductible expense. Although the tax is charged on a taxpayer’s business profit, the IRS counts the 'employer' half of the self-employment tax, or 7.65% (calculated as half of 15.3%), as a business deduction for purposes of calculating that taxpayer's income tax.
Tax rates for Personal trainers in Illinois
The state of Illinois requires you to pay taxes if you are a resident or nonresident that receives income from an Illinois source. Illinois has a flat income tax, which means that everyone, regardless of income, is taxed at the same rate.
The income tax rate in Illinois is 4.95%, after an increase from 3.75% in 2017. Illinois also has higher-than-average sales taxes and property taxes.
The following table represents the Illinois Income Tax Brackets and Rates:
Single Filer/Married Filed Separately
Married Filing Jointly
Head of Household
Single Filer/Married Filed Separately
A single filer represents the person who is unmarried and does not qualify for any other filing status. Generally, the tax rates and brackets that apply to single filers also apply to individuals who are married but file their taxes separately.
Married Filing Jointly
Married filing jointly represents the tax filing status available to married couples who were married by Dec. 31 of the tax year. Couples who file their taxes as Married Filing Jointly, get the most tax breaks.
Head of Household
Head of Household is a filing status for single or unmarried taxpayers who keep up a home for a Qualifying Person (child, relative, boyfriend/girlfriend, or any dependent). The Head of Household filing status has some major tax advantages over the Single filing status such as a lower tax rate and a higher standard deduction.
Deductions & Credits
Personal exemption
According to the IRS, a personal exemption refers to an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax.
Freelancers in Illinois
- Illinois have a freelance population of 200,000 and have a market cap of $6.8bn in 2019
- On an average freelancers spend 25 hour a week at their work in USA. 40% works fewer than 20 hours per week and 6% work more than 50 hour per week
- In the period from 2012-2017 revenue from freelance contractors has grown to 6% and number of freelancers have grown to 10%
200,000
Freelance
population
$6.8 bn
Revenue
Income
1% of the GDP
freelancers in 2022
independent
contractor
earn $34,595
Freelance
growth
Revenue
growth
- Half (52%) of Chicago's skilled workers offer professional services, three in ten (29%) provide technical services, and one in five (19%) are in creative fields.
- Chicago, Minneapolis, and Detroit saw their technical service freelance forces shrink from 2012 to 2017, though revenues grew modestly.
Personal trainer Tax Deduction in Illinois | FlyFin
The following represents some of the top tax deductions for Personal trainers in Illinois
Marketing costs
Any money you spend in marketing or promoting your service or business is deductible
Education
Any continued education you pursue as a personal trainer to maintain your certification is considered a tax deduction
Fitness equipment
Any fitness equipment you buy throughout the year is tax-deductible. Similarly, your can also claim a health insurance deduction.
Car and Mileage
If you commute to meet or train clients, make sure you deduct costs related to the business use of your vehicle
Gym gear
You can convert your everyday gym gear into a work expense by adding your company’s logo to your workout clothes. Gym gear expenses are amongst the top personal trainer tax deductions.
Gym membership
As a fitness professional, you can also deduct your gym membership.
Subscriptions and Memberships
If you are a part of some association like a Personal Trainer Accreditation, or a networking organization, you can deduct the membership fees.
Electronics
All gadgets you require for your work are deductible. This includes your cell phone, laptop, camera, etc.
FlyFin’s got your back!
A.I. finds every tax deduction eliminating 95% of your work
Expert tax CPAs ensure 100% accurate tax filing
On average users save $3,700
