July 2019

Bartering: A taxable transaction even if your business exchanges no cash

Barter Clubs, Bartering, Form 1099-B, Form 1099-Misc, Income Tax, Internal Revenue Service, Small Business / Douglas Freeman

Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income […]

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You may have to pay tax on Social Security benefits

AGI (Adjustable Gross Income), Capital Gains, Contributions, Federal Income Tax, Income Tax, Individual Income Tax, Investment Income Tax (NIIT), Retirement, Social Security, Tax, Tax Planning, Tax Savings / Douglas Freeman

During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your

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