As an RFN announcer, there are so many tax advantages you NOW have that most people will never have.
#1) A way to use your trade dollars for tax deductions. (charitable)
#2) Pay to have your taxes prepared on trade.
#3) Use trade dollars to pay for business expenses.
#4) If you don’t have a business (or voiceover production company) use TransMedia dollars to pay for the things you need to set one up.
TransMedia has several+
CPAs and Accountants who will charge trade for services.
As required by law, TransMedia will send out a 1099-B and report your revenue to the IRS. There are many advantages that YOU have available to you as a trade exchange member to offset your taxes paid to the IRS. Taxes on trade revenue, as well as cash revenue.
Here comes the disclaimer: I AM NOT A TAX CONSULTANT! Always consult a tax professional!
We receive a 1099-B form every January with a total of the previous year’s barter revenue? This revenue is taxable. In the eyes of the IRS, a trade dollar has the same value as a cash dollar. Likewise, a trade deduction has the same value as a cash deduction. Aside from business deductions, many trade exchange members give a percentage of their TRADE revenue to charitable organizations every year. Before the year is out, they calculate (and estimate) all the trade they have made that year, (or will make) consult their CPA, and together, they determine the best dollar amount that will offset their taxes— even their taxes based on CASH revenue. Many have reported that they actually SAVE cash for the whole year by giving away a percentage of trade to a legal charity within the trade exchange. Again, everyone’s situation varies and is based on a variety of circumstances.
Let’s say you as an RFN announcer generates 150 points per week / 1200 points per month. At $2 per point, your estimated TRADE revenue will be $15,600.00 for the year. Depending on your tax bracket, your charitable contributions (in trade) could reduce the amount of you pay to the IRS. Even if your tax consultant recommends a donation of 50% (of the trade you make) to offset your whole year’s income, it’s worth it because you could, perhaps, reduce your CASH tax burden for the year, and get to enjoy spending the balance of the trade you generated that year. You could win on both levels—CASH and TRADE.
TransMedia has a number of 501(c)(3) nonprofit organizations that need your charitable donations in TransMedia barter dollars. Your TRADE DONATION through a TransMedia transaction, along with verification from the charity, should be included in the documents given to your CPA at tax time. Again, this is a HUGE benefit that I have used myself.
Need a CPA or Accountant to prepare your taxes? Pay for it with your barter dollars through your TransMedia Barter account.
On the TransMedia site, click on “List / Find Members by Category.” Under “Products and Services” you will find dozens of Accountants and CPAs.
Keep in mind, these members are members of one of the many trade exchanges that share the DoBarter currency with TransMedia.
It is up to you to let them know how they will be paid. Please mention that this is to be paid through your barter exchange account.
Just another benefit of trading for your services one hour per day.
Below, is a screen shot of how to find an accountant or CPA on trade.