Did you know that when you barter (exchange property or service)? You only must report the fair market value of the property or service you receive as income.
If a debt you owe is canceled or forgiven, you must include the canceled amount in your income. To avoid reporting this amount as income, the party who is owed the money may offer to forgive the debt as a … Continued
You DO have to pay tax on tips reported to your employer. If you don’t report your cash tips to your employer, you risk the chance at being audited by the IRS. If the company does not meet certain criteria … Continued