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Tax Tips for Bartering

March 6, 2014

In a recent IRS Tax Tip, the Internal Revenue Service explains some key facts about bartering and what’s taxable.

Whenever I meet with a new small business owner, the first place I have them go is the Shenandoah Valley Small Business Development Center. The SV SBDC provides excellent insight on what it takes to succeed in our business community. With their knowledge and expertise, the SV SBDC gets businesses on the right track and helps them maintain their goals along the way. I'm very thankful to the SV SBDC for the work they've done for my clients, and I will continue to utilize this tremendous resource.

-Jonah Pence, Commercial Lender | Farmers and Merchants Bank-
The SBDC helped Immerge Technologies in its founding years from QuickBooks training to general business practices. As a group of young, talented JMU graduates, we struggled with how to bring our skills and services to market. The SV SBDC helped us with business plan development and helped us connect to the Valley community. They contributed much needed advise and helped us reach the success we enjoy today. Immerge Technologies celebrated its five-year anniversary on May 17, 2010, and shortly thereafter we sold the company to McClung Printing to become their Web Division. We are still based in Harrisonburg and still actively involved with the SV SBDC.

William Roy, prior Owner & now Web Accounts Manager
Immerge Technologies, a division of McClung

-William Roy-
The SBDC is a great partner with the Chamber of Commerce, helping small businesses grow and succeed.

-Frank Tamberrino, President & CEO | Harrisonburg-Rockingham Chamber of Commerce-
This has to be the most under-utilized free service available to a business owner. Whether you are a start-up or have been in business for 50 years, the SBDC can help you!

-Richard Halterman, CPA | Murphy Business Brokers and Appraisels-
I've always had a productive experience with the SBDC. They were there for me and my business every step of the way. From the beginning, when Campus Cookies was just a twinkle in my eye, to the present—I could always count on the SBDC for dependable, non-biased, practical business advice. The SBDC gave me the confidence I needed to believe in myself and my business model, allowing me to take the risks and handle the roller coaster ride of starting a business. Not only did the SBDC give me valuable knowledge, but they also helped to connect me within the local community and Shenandoah Valley, making the transition into a chain a lot less stressful. If there is one thing I've learned in business, it's the value of dependability, and the SBDC has always been there for me.

-Scott Davidson, Owner  | Campus Cookies-
The SBDC was instrumental in making our transition to a new business smooth and successful. If you are starting a business, start with the SBDC. They are knowledgeable, experienced, and can guide you through the business planning process. They provide you with excellent professional resources and, through effective planning, give you the confidence to achieve your dream.

-Jay and Ann Walsh-Brown, Owners | Brown & Co. Hair Design-
I am very thankful for the SV SBDC. I was starting a new business and had no idea of where to begin to get things set up correctly from the very beginning. The consultant knew everything that I needed to do and went over it step by step for my specific needs. This is a valuable service... My consultant had all of the answers to my questions and gave me the resources I needed to get started. She saved me a lot of time, trouble, and money trying to figure all of this out on my own. When I had a follow-up question and called the office. I was very impressed with the way the staff went out of their way to find the answer to my question.

-Linda Trainum, Owner | Autumn Olive Farms-
I have the pleasure of working with entrepreneurs who have great ideas for new business ventures that they want to investigate and launch in the Shenandoah Valley. Often there is a piece of the puzzle in which the entrepreneur could use some assistance. Harrisonburg is fortunate to have the staff and resources of the Shenandoah Valley Small Business Development Center available to work with area entrepreneurs. Business plan development, marketing, and accounting are just a few of the many subject areas that I know the SV SBDC offers, with great advice and expertise to clients I have referred their way.

-Brian B. Shull, Economic Development Director | City of Harrisonburg-
What a great opportunity to say thank you for what the SBDC did for me. They made the process of opening Casual Friday easier, as they know how everything is done—from registering your business to marketing it after it is open. The SV SBDC is such a great free organization that helps throughout the process. I recommend a lot of people to them because of their success rate. I went from a 600 square foot to a 1200 square foot store, and then expanded again! Great mentoring.

-Crystal Fleming, Owner | Casual Friday Ladies Fashion Boutique-