Thoughts, Ideas, and Concepts by Sandra Parks

Posts tagged ‘Services’

BARTER INCOME – DO YOU REPORT IT????

Bartering is the trading of one product or service for another. Usually there is no exchange of cash. Barter may take place on an informal one-on-one basis between individuals and businesses, or it can take place on a third party basis through a modern barter exchange company.

Bartering is the most ancient form of commerce. While our ancestors may have exchanged eggs for corn, today you can barter computer services for auto repair.

Another example of a one-on-one, non-barter exchange transaction is a plumber doing repair work for a dentist in exchange for dental services. The fair market value of the goods and services exchanged must be reported as income by both parties.

Here are a few things you should know about bartering:

Barter Exchange A barter exchange functions primarily as the organizer of a marketplace where members buy and sell products and services among themselves. Whether this activity operates out of a physical office or is internet based, a barter exchange is generally required to issue Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, annually to their clients or members and to the IRS.
 
• Barter Income Barter dollars or trade dollars are identical to real dollars for tax reporting. If you conduct any direct barter – barter for another’s products or services – you will have to report the fair market value of the products or services you received on your tax return.

• Taxes Income from bartering is taxable in the year it is performed. You may be subject to liabilities for income tax, self-employment tax, employment tax, or excise tax. Your barter activities may result in ordinary business income, capital gains or capital losses, or you may have a nondeductible personal loss.

• Reporting The rules for reporting barter transactions may vary depending on which form of bartering takes place. Generally, you report this type of business income on Form 1040, Schedule C Profit or Loss from Business, or other business returns such as Form 1065 for Partnerships, Form 1120 for Corporations, or Form 1120-S for Small Business Corporations.

For more information please see http://saptaxes.net or call 972.569.7938

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Alliance for Affordable Services

Dear Valued Consumer Here is an exciting offer from the Alliance for Affordable Services.  The following services have been combined into one product and are available for a single person for $25 monthly or $40 for an entire family.  The following list is the top ten reasons or more utilized services, but the program includes over 20 more additional services ranging for discount of rental cars to dental plans to annual college scholarships for your deserving child.

1.        Emergency Roadside Assistance – for you or your family and goes with you not you vehicle.  You can be in anyone’s vehicle.

2.       ID Theft Resolution – Trust me, this can help anyone who has experienced a problem of this type.

3.       Legal Club of America – Available on the family plan, it provides you with immediate access to an attorney for anything you can think of or any legal questions you may have.

4.       Alliance Consumer Club Rewards – This is a program that works in conjunction with other programs.  Example, if you were planning a trip and you used the Alliance to plan the trip.  First, you would receive discounts for hotel, rental car(s) or amusement park tickets, and then they would subtract a portion of your total accumulated Rewards Cash from you trip total, reducing the total amount you were paying.  Savings on top of saving.

5.       Amusement Park Discounts – Can save up to 40% on tickets.

6.       Dent Zone – What can I say about this benefit, you probably know someone now who has a cracked windshield or a dent in their vehicle, after you receive your cards you simple can them and th ey will repair it for free.  That is worth the initial payment!

7.       Hotel Access Card – This card gives you up to 50% discount count on hotel within the US. Catch is you must pay the small fee of $6.95 to get the book of hotels accepting the card and the card comes with the book.  (I have it and its worth the small fee)

8.       Hotel Discount Program – Only 10% off best rate, that’s why I ordered the Hotel Access Card to receive up to 50% off.

9.       Global Emergency Services – Ex. You went to visit someone and were in an accident, it would pay for your spouse to join you. Limited to CONUS.

10. Health Benefits The big thing.  It pays the primary $400 a day for an illness or accident while in the hospital; $20,000 accidental death; $30,000 common carrier; $750 emergency room visit for an broken or dislocated bone;  and $5000 if the primary or spouse ever has a heart attack.  The illness coverage is limited to 10 days, but it pays for 180 for an accident.

a. Ambulance Benefit – $200 reimbursement for ambulance

b. Diagnostic Imaging Services – Average cost of MRI is approximately $1500 and the average insurance deductible is $2000, meaning if you had one that did not result in surgery, you basically will pay the full amount.  This benefit cuts the cost of the imaging up to 70%, meaning if you use the alliance location (the program provides you with a list of locations that accept the alliance) you would only pay $450 instead of $1500.

c. Hospital Advantage Card – Cost additional $15 a month.  This service negotiates your bill for you. If you know you are about to have surgery or as soon as you are admitted to the hospital, you call the service to start the negotiation of services.  They save on average 45% of billed services; this reduces the total bill after hospital confinement, thus saving you money.  If your bill was $20,000 before negotiation and $12,000 after the process.  Which would you rather pay, 20% of $20,000 or 20% of $12,000? $4000 or $2400? Saving of $1600.

If anyone would like to join the Alliance or receive more information of the Alliance for Affordable Services submit an email to me as lashun.fuqua@healthmarketssales.com or call (901) 603-3999. The is NO underwriting; therefore, anyone and everyone qualifies.

Thank you.

Sincerly,

La Shun Fuqua License Insurance Agent

Tennessee, Mississippi and Texas

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