You May Have to Pay Tax on Social Security Benefits
During your working days, you pay Social Security tax as part of the withholdings from your salary or self-employment tax. You may be surprised to learn that when you start receiving Social Security benefits some of the payments may be taxed. If you’re getting close to retirement age, you may be wondering if your benefits […]
Bartering: A Taxable Transaction Even if Your Business Exchanges No Cash
Bartering for goods and services instead of paying cash may be beneficial to some small businesses. If your business engages in bartering, be aware that the fair market value of goods you receive in bartering is taxable income. If you exchange services with another business, the transaction results in taxable income for both parties. Income […]
