So. That new minimum wage thing. Might as well start disgusing it here.

GopherT

Joined Nov 23, 2012
8,009
"
@GopherT

Refer to IRS publication 17. You must report all income, foreign and domestic. This includes the fair market value of door prizes, bartered income, as you surely told who you barted with the value of you services and asked them to provide you with their figure.

Don't forget, if you take a bribe, you are required to report it.

They are reported as other income on line 21 of the form.

By the way.. Both parties are to report the value of goods and services they received.
Do employers who expect salaried employees to work unpaid overtime report the time as a donation they received? Where do I report my unpaid time?

Can a Barter be a one-way transaction? Donate time and get nothing in return? That is not my definition of "barter", that is a donation. Donors are not required to report donations. They can report the donation if they want a tax break but nothing says the donation has to be reported.
 

ronv

Joined Nov 12, 2008
3,770
@GopherT

Refer to IRS publication 17. You must report all income, foreign and domestic. This includes the fair market value of door prizes, bartered income, as you surely told who you barted with the value of you services and asked them to provide you with their figure.

Don't forget, if you take a bribe, you are required to report it.

They are reported as other income on line 21 of the form.

By the way.. Both parties are to report the value of goods and services they received.
Recorded message at the IRS:
"I'm sorry all our IRS agents are busy right now auditing billionaires."
 

JoeJester

Joined Apr 26, 2005
4,390
Can a Barter be a one-way transaction?
From Merriam-Websters online dictionary

Full Definition of barter
  1. intransitive verb
  2. : to trade by exchanging one commodity for another

  3. transitive verb
  4. : to trade or exchange by or as if by bartering
Exchanging is the key word ...

Full Definition of exchange

1: the act of giving or taking one thing in return for another : trade <an exchange of prisoners>

2 a : the act or process of substituting one thing for another
b : reciprocal giving and receiving

3: something offered, given, or received in an exchange

4 a : funds payable currently at a distant point either in a foreign currency or in domestic currency
b (1) : interchange or conversion of the money of two countries or of current and uncurrent money with allowance for difference in value
(2) : exchange rate
(3) : the amount of the difference in value between two currencies or between values of a particular currency at two places
c : instruments (as checks or bills of exchange) presented in a clearinghouse for settlement

5: a place where things or services are exchanged: as
a : an organized market or center for trading in securities or commodities
b : a store or shop specializing in merchandise usually of a particular type
c : a cooperative store or society
d : a central office in which telephone lines are connected to permit communication
So to answer your question, there is no one-way bartering.
 
Last edited:

shortbus

Joined Sep 30, 2009
10,045
They can report the donation if they want a tax break but nothing says the donation has to be reported.
This is why companies that pay workers a minimum or low wage also give sizable contributions to certain charities, instead of paying the workers a fair wage. True for people like the Koch brothers and the like too. Add a new wing to a hospital or college or donate art to a museum, and get your name in the news, and look like a 'great person' but not helping the worker at all.
 

JoeJester

Joined Apr 26, 2005
4,390
There is nothing wrong with anyone going to a tax professional that asks the right questions to get you the maximum refund you are legally entitled to or pay the minimum amount you legally owe.

Of course you can go to others that will not do that.
 

GopherT

Joined Nov 23, 2012
8,009
There is nothing wrong with anyone going to a tax professional that asks the right questions to get you the maximum refund you are legally entitled to or pay the minimum amount you legally owe.

Of course you can go to others that will not do that.
And, apparently, The IRS is making sure Donald Trump's tax prepares didn't "over maximize" his refund.
 

JoeJester

Joined Apr 26, 2005
4,390
I don't know about Donald's taxes. I'm sure he has a team of tax lawyers, CPAs, or others, looking after his income and expenses.

Of course, he is probably audited every year.
 

JoeJester

Joined Apr 26, 2005
4,390
I became aware of Donald's antics when I was assigned in NYC. He built the trump towers at that time. He was the same bashful self then as he is now.
[/sarcasm]

I first met Joe Biden when he was running for the Senate in 1972. He came to a radio talk show I was engineering at WILM.
 

Glenn Holland

Joined Dec 26, 2014
703
For those who argue the minimum wage is a "jobs killer" and inflationary, then no one should get more that $15/hour.

Furthermore, raising the minimum wage does not contribute to inflation because the cost is spread out over 100s if not 1000s of purchases. If a fast food place raises the wage by $1 per hour and the worker handles 50 purchases , just do the math.

Furthermore, automation will continue to replace humans regardless of the minimum wage. Elevator operators were phased out in the 1950s because of automatic elevators - not because of wages for elevator operators. Then in the 1980s, the demand for elevator mechanics dropped as solid state replaced relay logic and SCR drives replaced generator field control. Today, the demand for high rise buildings and elevators has dwindled because computers are replacing human workers and there's no need for office space.

None of these trends are related to an increase in the minimum wage.
 

JoeJester

Joined Apr 26, 2005
4,390
Furthermore, raising the minimum wage does not contribute to inflation because the cost is spread out over 100s if not 1000s of purchases. If a fast food place raises the wage by $1 per hour and the worker handles 50 purchases , just do the math.
Are you assuming there will be no loss of business because of the price that increased to the consumer?

Every business loses customers because of pricing. I doubt the fast food business is immune to that tidbit.
 

djsfantasi

Joined Apr 11, 2010
9,156
Are you assuming there will be no loss of business because of the price that increased to the consumer?

Every business loses customers because of pricing. I doubt the fast food business is immune to that tidbit.
Is the business actually lost? Or is it merely displaced? A minimum wage law update would affect all participants equally, thereby disincentivizing displacement. Innovative companies may shift the displacement in their favor, but it is the consumer who will have the final vote.
 

JoeJester

Joined Apr 26, 2005
4,390
Loss of income, for whatever reason, is detrimental to the business.

To maintain the ability to pay any wages, the business must make money.

If you have two percent profit margins, that is a lot more new purchases to make a dollar plus the fifteen cents more that wage would cost. That only considers the US federal wages.
 

shortbus

Joined Sep 30, 2009
10,045
One thing no one has yet addressed is the owner, ceo or whatever they are called in a business seems to cut or keep his/her own pay the same. Most increase their pay yearly. And many big businesses would not even skip a beat if the head (high paid) guy(s) were not there. But they have no problem blaming the cost of business on the guys/gals doing the work of making whatever is being sold.
 
Top