Bartering has been going on for a very long time in one form or another. The simplest definition of bartering which appears in many references I looked at is “To trade goods or services without the exchange of money.” Yes, I have bartered my bookkeeping services for services I needed that were preformed by others a couple of times. And I am about to do it again.
As you may have read in one of my other posts I recently left the job I had in NJ. Now I had to figure out how to write a resume—OOPS—for what ever reason I just could not get it formatted correctly—or I was just fighting myself—So after asking around to see if anyone I knew could write it up for me—I took myself on an internet search. There are virtually 100’s of listings!! I spotted a company that was located in the town I live in—I called the number. This woman definitely seemed to know what she was doing but was about to leave for a meeting so we agreed she should call me back later in the day.
Yes, she called me back. She is much more then a person who just re-writes resumes and writes cover letters. After she described all she does and can do for me--I asked with trepidation-how much. I was floored-----there was no way I could afford her services-although as I assured her I was sure those services were worth every penny. Suddenly there was silence on the phone—she suddenly said to me—“you are a bookkeeper, I happen to need a bookkeeper desperately-would you be willing to barter services”?
I will be meeting with this woman on Jan 5th to write up the details as to what each of us will do and how much each service is worth time wise. Both our problems solved!!
By the way, in case you did not know bartering is a taxable event—as a bookkeeper I feel I have to put this in here. I got this from Wikipedia -
“However the IRS now requires barter exchanges to be reported as per the Tax Equity and Fiscal Responsibility Act of 1982. Barter exchanges are considered taxable revenue by the IRS and must be reported on a 1099-B form. According to the IRS, "The fair market value of goods and services exchanged must be included in the income of both parties."”
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