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About Bartering

 

According to the U.S. Department of Commerce, barter in its various forms accounts for about 30 percent of the world's total business. In the U.S., over 250,000 businesses actively use organized barter to supplement their cash transactions.

 

When searching for a business to barter with here at BizPartnerHunt.com we suggest you first draw up a list of the goods or services you need or want for your business (such as computers, photocopying equipment or cleaning services). Then search for the companies that provide them under our “Barter Buddies” category and propose a direct exchange of your goods or services for theirs.

 

If the company whose goods you want isn't interested in what you have to trade, you can look at what service the company does need on their ad, and try trading with a third party to obtain that service for them.

 

Click here to download a sample barter agreement

 

 

Bartering &  Taxes - "Retrieved from the Internal Revenue Service (IRS)":

 

Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. The fair market value of goods and services exchanged must be included in the income of both parties.

 

(Translation: So the Dentist must claim the plumbers “normally charged fees” as income. And the Plumber must claim the Dentists “normally charged fees” as income.)

 

Income from bartering is taxable in the year it is performed. Generally, you report this income on Form 1040, Schedule C (PDF), Profit or Loss from Business. If you have failed to report this income correct your return by filing a Form 1040X. Refer to Topic 308 for Amended Return information.

 

A barter exchange is any person or organization with members or clients that contract with each other (or with the barter exchange) to jointly trade or barter property or services. The term does not include arrangements that provide solely for the informal exchange of similar services on a noncommercial basis.

 

The Internet has provided a medium for new growth in the bartering exchange industry. This growth prompts the following reminder: Barter exchanges are required to file Form 1099-B for all transactions unless certain exceptions are met. Refer to Barter Exchanges for additional information on this subject.

 

If you are in a business or trade, you may deduct any costs you incurred to perform the work that was bartered. If you exchanged property or services through a barter exchange, you should receive a Form 1099-B (PDF), Proceeds from Broker and Barter Exchange Transactions. The IRS will also receive the same information.

 

If you receive income from bartering, you may be required to make estimated tax payments. Refer to Publication 525 on the IRS website, Taxable and Nontaxable Income, for additional information.

 

 

Visit the Internal Revenue Service For More Information Regarding Bartering Tax Laws