I'm currently setting up my own small firm for moonlighting, and because I have a well paying day job, I'm thinking of offering services for trade only (one of my clients is the owner of a local micro brewery).
I wouldn't be doing it for money, but only to take on interesting, little projects that my employer isn't interested in.
Has anyone here done something similar? Am I completely nuts?
thisisnotmyname
Dec 31, 16 9:28 pm
I've offered to trade architectural work with my car mechanic, he needed some remodeling on his shop that we could have done design/build for him, but nothing ever came of it. His work and my work were quantifiable, so we could arrive at an amount of traded services of equal value.
I've also allowed restaurant and bar clients of ours to do a combo of cash and trade where we take part of the fee in money and smaller part in a tab that gets us drinks and meals. You carry some some risk though, if the client's establishment fails and closes down suddenly.
Wilma Buttfit
Jan 1, 17 4:52 pm
Beware that you owe taxes on it still as if it were income, according to the IRS. :( But that is in Merica, not sure about Kannada.
bowling_ball
Jan 1, 17 8:08 pm
Thanks for the advice. All good thoughts. I'd only do trades that were quantifiable (like i said, beer... Another client is a restauranteur, another a contractor....). Not sure how I'd do the tax thing but I have a good accountant.
Trade economy for the win. Maybe. Possibly.
Non Sequitur
Jan 2, 17 10:08 am
Tiny, I am pretty sure that's how it works here too. Something about establishing value of goods received. I don't know, but there is a form for it.
thisisnotmyname
Jan 3, 17 8:39 am
In the USA there is an IRS form 1099B to document barter exchanges.
Lee Robert
Jan 3, 17 9:54 am
I think the idea is amazing and could be a super fun way to approach a design practice.
Don't let taxes hold you back. I'd go for it if I were you. Good Luck!
shellarchitect
Jan 12, 17 11:12 am
had a friend who stamped a coffee shop set, drawings were done by someone else, in exchange for free coffee for life. Everyone seems pretty happy with the deal
I'm currently setting up my own small firm for moonlighting, and because I have a well paying day job, I'm thinking of offering services for trade only (one of my clients is the owner of a local micro brewery). I wouldn't be doing it for money, but only to take on interesting, little projects that my employer isn't interested in. Has anyone here done something similar? Am I completely nuts?
I've offered to trade architectural work with my car mechanic, he needed some remodeling on his shop that we could have done design/build for him, but nothing ever came of it. His work and my work were quantifiable, so we could arrive at an amount of traded services of equal value.
I've also allowed restaurant and bar clients of ours to do a combo of cash and trade where we take part of the fee in money and smaller part in a tab that gets us drinks and meals. You carry some some risk though, if the client's establishment fails and closes down suddenly.
Beware that you owe taxes on it still as if it were income, according to the IRS. :( But that is in Merica, not sure about Kannada.
Thanks for the advice. All good thoughts. I'd only do trades that were quantifiable (like i said, beer... Another client is a restauranteur, another a contractor....). Not sure how I'd do the tax thing but I have a good accountant. Trade economy for the win. Maybe. Possibly.
Tiny, I am pretty sure that's how it works here too. Something about establishing value of goods received. I don't know, but there is a form for it.
In the USA there is an IRS form 1099B to document barter exchanges.
I think the idea is amazing and could be a super fun way to approach a design practice.
Don't let taxes hold you back. I'd go for it if I were you. Good Luck!
had a friend who stamped a coffee shop set, drawings were done by someone else, in exchange for free coffee for life. Everyone seems pretty happy with the deal