o do tell....and does anyone care at this point....o that is your sardonic way of pointing out its socialism?
You talking to me?
Barter isn't socialism.
It just isn't capitalism.
It's barter.
Hence the special word we use to describe it.
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o do tell....and does anyone care at this point....o that is your sardonic way of pointing out its socialism?
Damn, all these tax cheats.
Technically, it is...you are supposed to 1099 him.Damn, all these tax cheats.
If I pay somebody to mow my yard and he doesn't declare the income, that isn't me cheating on my taxes.
In hard times, barter always expands. People have a tendency to blame the government for the hard times, and feel some justification in beating the income tax system. Deep down inside, I have to admit that I am a little bit happy for them. I guess I blame the system, too.
Technically, it is...you are supposed to 1099 him.Damn, all these tax cheats.
If I pay somebody to mow my yard and he doesn't declare the income, that isn't me cheating on my taxes.
Only if it is over $600 a year he pays out and then he only needs to if he wishes to deduct that on his business expenses. (Unless that amount has changed in the last few years)Technically, it is...you are supposed to 1099 him.Damn, all these tax cheats.
If I pay somebody to mow my yard and he doesn't declare the income, that isn't me cheating on my taxes.
It doesn't, but if you don't report it and he doesn't report it and you know he doesn't it isn't much different than a company hiring illegal immigrants.Technically, it is...you are supposed to 1099 him.If I pay somebody to mow my yard and he doesn't declare the income, that isn't me cheating on my taxes.
And that affects my taxes how?
Reporting Miscellaneous IncomeBartering
Bartering is an exchange of property or services. The fair market value of goods and services exchanged is fully taxable and must be included on Form 1040 in the income of both parties.
An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. Income from bartering is taxable in the year in which the taxpayer received the goods or services.
It doesn't, but if you don't report it and he doesn't report it and you know he doesn't it isn't much different than a company hiring illegal immigrants.Technically, it is...you are supposed to 1099 him.
And that affects my taxes how?
Also, it appears bartering is also taxable.
Reporting Miscellaneous IncomeBartering
Bartering is an exchange of property or services. The fair market value of goods and services exchanged is fully taxable and must be included on Form 1040 in the income of both parties.
An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. Income from bartering is taxable in the year in which the taxpayer received the goods or services.
It's still taxable income that he isn't reporting. You may not be in violation of the law but ethically you are contributing to his cheating of fellow citizens.It doesn't, but if you don't report it and he doesn't report it and you know he doesn't it isn't much different than a company hiring illegal immigrants.And that affects my taxes how?
I'm not a company, I'm a private individual. He is a US citizen, not an illegal immigrant. It's less than $500 a year.
Technically, it is...you are supposed to 1099 him.If I pay somebody to mow my yard and he doesn't declare the income, that isn't me cheating on my taxes.
And that affects my taxes how?
Also, it appears bartering is also taxable.
Reporting Miscellaneous IncomeBartering
Bartering is an exchange of property or services. The fair market value of goods and services exchanged is fully taxable and must be included on Form 1040 in the income of both parties.
An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. Income from bartering is taxable in the year in which the taxpayer received the goods or services.
It's still taxable income that he isn't reporting. You may not be in violation of the law but ethically you are contributing to his cheating of fellow citizens.It doesn't, but if you don't report it and he doesn't report it and you know he doesn't it isn't much different than a company hiring illegal immigrants.
I'm not a company, I'm a private individual. He is a US citizen, not an illegal immigrant. It's less than $500 a year.
Personally, I don't really care. It just cracks me up when people condone this behavior so often but at the same time have a hissy fit if companies do almost exactly the same thing by paying illegal immigrants under the table. (Not you in particular, I've no idea if you are one of the hissy fit kind).
It's still taxable income that he isn't reporting. You may not be in violation of the law but ethically you are contributing to his cheating of fellow citizens.I'm not a company, I'm a private individual. He is a US citizen, not an illegal immigrant. It's less than $500 a year.
Personally, I don't really care. It just cracks me up when people condone this behavior so often but at the same time have a hissy fit if companies do almost exactly the same thing by paying illegal immigrants under the table. (Not you in particular, I've no idea if you are one of the hissy fit kind).
I don't throw hissy fits, I prefer to whine and snivel instead.
Pretty much. You can use the same arguments to justify employing illegals under the table.Technically, it is...you are supposed to 1099 him.
And that affects my taxes how?
Theoretically the losses in taxes due to the underground economy means that you have to pay more taxes as a result of that.
In theory... in reality, I suspect that that the underground economy is probably beneficial to the society as a whole since a lot of people are doing better because of it.
That means they can go to the store and buy stuff which naturally is actually helping the above-ground economy, too.
The loser here (I suppose) is basically the governments which would like to charge every person for every cash transation which take place in the world.
Screw them, they already steal enough from us.
Pretty much. You can use the same arguments to justify employing illegals under the table.And that affects my taxes how?
Theoretically the losses in taxes due to the underground economy means that you have to pay more taxes as a result of that.
In theory... in reality, I suspect that that the underground economy is probably beneficial to the society as a whole since a lot of people are doing better because of it.
That means they can go to the store and buy stuff which naturally is actually helping the above-ground economy, too.
The loser here (I suppose) is basically the governments which would like to charge every person for every cash transation which take place in the world.
Screw them, they already steal enough from us.
You could also make the argument that paying a tax cheat to cut your grass isn't fair to legally organized lawn service crews that report their income.