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Being taxed ~$2,000.00 for a RoadTest.

jkutzsch

Curious from the experience of others here.  I participated in a roadtest where it looks like the product is now going to cost me around $2,000.00 from "self-employed" taxes.  Needless to say this is unplanned.  Do other RoadTest participants in the US have suggestions on this?  Is this a common expected event?  My wife is pretty much saying my budget for anything is now blown.

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  • I do take payments for blog posts and reviews on my site and do declare that as additional income which is taxed.

     

    However, I'd never really thought about the value of the items for roadtest being a payment. I supposed if I counted those, I'd be giving even more of them away.

     

    For that much it's worth checking with an accountant. There's a possible game of skill element in that you have to submit your proposal to be selected but that might just be looked upon as tendering.

     

    One key thing to think about is the value of the item. It was never retailed so you want to look at the wholesale price as it's value.

  • in reply to Workshopshed

    Looking at various other mentions out there for the 1099-MISC it does seem to apply when you actually receive money for things such as blogging, editing, programming, etc...  Something you do that in turns gives you a payment in the form of funds.  Have other RoadTest recipients received 1099-MISC?  Maybe this is a newer process happening... 

     

    The fact that members here are world wide can make an interesting jumble of experiences.  :-)

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  • in reply to Workshopshed

    Looking at various other mentions out there for the 1099-MISC it does seem to apply when you actually receive money for things such as blogging, editing, programming, etc...  Something you do that in turns gives you a payment in the form of funds.  Have other RoadTest recipients received 1099-MISC?  Maybe this is a newer process happening... 

     

    The fact that members here are world wide can make an interesting jumble of experiences.  :-)

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