You can receive income in the form of money, goods, or services. This section deals with several types of taxable and non-taxable income. It includes discussions on employee salaries...
Posted by Carmen Garcia on 07/06/2021
IRS Form 8949 is a tax form used primarily to report sales and trade of capital goods. Form 8949 is filed alongside Schedule D of the income tax form.What is IRS Form 8949?Form 8949...
Running a farm can be cumbersome when you consider several expenses and income sources, credits and deductions, etc., which makes things complicated when it is time to file taxes. Everyone...
Are you wondering if there is a hard rule on taxable income and non-taxable income? The answer is simple: all income is taxable unless it is expressly excluded by law. But, as you've...
Barter transaction happens when a business and another one exchange services with one another. While there are no funds exchanged with barter transactions, Uncle Sam believes you need...
What is barter?Barter is an act of exchanging goods or services between two or more parties, sometimes more without using a monetary medium, such as physical cash or credit card. Essentially,...
Trade by barter is an ancient means of transaction in which people exchange goods for goods without money. These days, business exchange services with each other in a barter...
1031 exchange is simply a swap of an investment property for another. Since most swaps are considered sales, they are taxed. Meeting the requirement of 1031 will remove or reduce your...
As you probably know, most of your income is taxable. If you earn a salary, an hourly wage, tips, commissions, renting a property you entrust or dividends and interest on your investments,...
Posted by Advanced Accounting & Tax Planning on 08/02/2019