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The last project I did was as a barter. At first it started with talk of money being exchanged. Setting up a new webserver, installing some LAMP applications, e
by yardie 17y ago
The last project I did was as a barter. At first it started with talk of money being exchanged. Setting up a new webserver, installing some LAMP applications, etc. This was supposed to take a few hours, it really only took 2. My billable rate wasn't even worth the time it would take to do the paperwork (this would include getting a tax id and paying payroll tax). So I just asked for a slice on his ESX server. I'm happy, client is happy, a single penny wasn't spent by either of us.
- scotty79 17y agoShouldn't you have taxed it as non monetary gain?
- ahoyhere 17y agoIn the US at least, all barter transactions must be reported as income. http://www.google.com/search?q=us%20barter%20tax http://www.google.com/search?q=us%20barter%20tax
- yardie 17y agoIf I'm reading the IRS page correctly. You only need to report it if you are bartering as a business. Since I didn't want to get involved with tax ids and 1099s I feel I fall outside the requirement. Plus the value of transaction was small enough that I don't need to declare it. But I'll see at next tax season.