Posted Date: July 1, 2013

The Fiscal Cliff Antidote For Public Speakers

It’s not quite official, but all signs point to Washington reaching a compromise to the “fiscal cliff” of expiring tax benefits. In general terms, this is a good thing; the stock market was certainly celebrating with a banner session on New Year’s eve.
Now for the the bad news: You’re going to pay more in taxes in 2013. According to CBS Moneywatch, if you earn $113,700 or more annually, you’ll pay an additional $2,274 in Social Security tax this year. If you earn the US household average income of $50,000, you’ll pay an additional $1,000. And let’s not forget about the host of extra tax increases for high wage earners and those with capital gains.

Fiscal Cliff

Happy new year!
Now imagine if, instead of doing your usual schedule of “free” public speaking engagements this year, you got paid for one of them.
Let’s pretend that, after reading Speaking On The Side, you won a gig to speak at the annual meeting of the National Association of Widgetologists for $2,500 plus expenses. (Based on an informal survey I made up, most part-time speakers earn between $500-$5,000 per gig.) After you subtract taxes, which will probably end up in the $400 range depending on your tax bracket and deductions, you’ll be left with about $2,100.
That means your total fiscal cliff damages would only cost you $174, assuming you’re in the $113,700 or greater bracket.
And if you got paid for two speaking gigs … well, let’s not get crazy now. 🙂
Speaking On The Side, The Definitive Guide To Earning Money & Happiness Without Quitting Your Day Job, is coming in early 2013.
Click here to reserve your copy today.

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