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Post by jakegreenwood on Jan 9, 2015 0:48:19 GMT -5
Hey everyone. I'm new to this.
I already understand that the amount of money you can make in a year doing phase 1 trials varies a lot. There are many factors, I get that. Suppose you are willing to do your homework and learn how to maximize the situation. Meaning, a committed amount of diligence. If so, what is an accurate 'range' you would be making per year? Between 15k to 20? Or maybe between 25k to 30? Soing else?
Thanks.
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Post by ac on Jan 9, 2015 8:31:45 GMT -5
In 2014 I made almost $29,000 and I didn't even look for a study in Jan or Feb. Everything lined up great for me though and I expect to only make $20,000 per year going forward. Those are gross numbers, before expenses or taxes. If you're in good health and you don't get on a clinics bad list by being a trouble maker then you should be able to consistently make $20-$25K per year before expenses or taxes.
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Post by vark on Jan 13, 2015 1:32:31 GMT -5
Between 15k to 20?
17K for me this year. some years ae better, some are worse. i am older and my ekg is wobbly, so some of you will do better. roughed out my taxes a few days ago and was able to write off almost everything.
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Post by ac on Jan 13, 2015 9:42:09 GMT -5
Between 15k to 20? 17K for me this year. some years ae better, some are worse. i am older and my ekg is wobbly, so some of you will do better. roughed out my taxes a few days ago and was able to write off almost everything. Are you willing to share some of your deductions? I made almost $29K and still have only come up with about $7500 in deductions.
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Post by vark on Jan 25, 2015 1:05:47 GMT -5
there are two kinds, actual and imputed. hotels and tolls are actual. mileage is imputed. you count up your miles and multiply by the figure the irs uses, which is around 50 cents a mile. for the study i check into tomorrow, i've already driven 3000 miles. another imputed expense is for meals and incidentals when traveling away from home. the formula is complicated but it works out to around $50/day. i wrote off my internet bill, half my phone, the two laptops i broke last year, and utilities at my office. i also had expenses from one of my other small businesses.
edit: it's not a home office. i didn't deduct anything for my home utilities, just the office ones. usually when you a computer, you can't write it off all at once because they figure it will last 3 years. but mine lasted 3 months, so i expensed it all. i'm no accountant and just making my best guesses at this stuff. if that deduction gets disallowed i have others as yet unclaimed.
i used taxact this year. at 29K, it might be worth getting an accountant to look yours over. if you can't improve this year, you could at least plan better for next year. i ended up not having to tuck some in an ira as i had expected.
2nd edit: i happen to have some of the notes i used. before getting on taxact, i roughed it out on one page of scrap paper. i'd been keeping a lis of mileage and hotels during the year.
miles nights working away from home hotels computer replacement internet fee at office airfare buses office utilities
then i had some non-business expenses like property taxes. and expenses for one of my other businesses.
my income tax came to zero, my FICA was around $250. havent done my state taxes yet.
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Post by ac on Jan 25, 2015 6:21:57 GMT -5
there are two kinds, actual and imputed. hotels and tolls are actual. mileage is imputed. you count up your miles and multiply by the figure the irs uses, which is around 50 cents a mile. for the study i check into tomorrow, i've already driven 3000 miles. another imputed expense is for meals and incidentals when traveling away from home. the formula is complicated but it works out to around $50/day. i wrote off my internet bill, half my phone, the two laptops i broke last year, and utilities at my office. i also had expenses from one of my other small businesses. I used most of those deductions but I only put on about 8000 miles for 7 studies. Also, you can only deduct a % of your computer, not the whole computer. I figure 10% of my computer usage is required for studies so I deduct 10% of the computer cost and 10% of the internet. If you claim you have a home office for studies, you would probably fail an audit. At most you could claim maybe 10% of your utilities not 100%.
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