How to Use Your Barter Money for a Year End Tax Deduction
One of the great features of using barter currency is that when you spend your money on business expenses it creates a tax 
deduction. You could conceivably convert a lot of your business expenses from cash to barter and using the newly found barter revenue, which can have a very positive impact on both your cash flow and bottom line revenues.
A great way that you can use your barter funds for a year-end tax deduction is to donate to one of the amazing non-profit organizations that are a part of Tradesource. The non-profits that we allow as members are verified non-profits by IRS standards, which means any barter money you donate will generate a tax-deductible receipt from the organization. This receipt can be used to write off your tax-deductible contributions to the extent that you are allowed based on your personal tax situation. Your accountant is the best person to ask about how this can impact you. Your Tradesource broker would not be able to advise you because he or she is not your accountant and will not know your personal or business tax situation.
On top of getting a tax deduction, it just feels good to give. Here is a list of the non-profit organizations that are Tradesource members.
- Bridging the Gap
- Hermosa Vista
If you want to make a tax-deductible donation to any of these organizations, contact your broker. If you don’t know who your broker is, you can contact the Tradesource office at 602-996-1557.
We have had many members realize big tax benefits by making a year-end tax deduction to offset their tax liability. If you are not sure about your tax liability, please consult an accountant. And of course, if you need an accountant, please let us know and we can refer you an accountant in our network.
