💰 Find Out Which Tax Errors Will Get You in Trouble (AARP Article)

[SummerOnTheWay1]

WHY ARE THEIR DATES DIFFERENT? (April 17 in Maine and Massachusetts)

SINCE RETIRING, I DO ALOT OF FRIENDLY BARTERING WITH OTHER SENIORS = NO IRS INVOLVEMENT. ANYONE ELSE AVOIDING THEM?  🤔

Three ways to make tax time more difficult, plus two things you shouldn’t be anxious about.

FROM THE ARTICLE - SEE ARTICLE FOR MORE.

As the April 15 tax filing deadline approaches (April 17 in Maine and Massachusetts), it’s very possible you’re getting nervous. After all, it’s been widely reported that 2022 legislation granted the IRS nearly $78 billion for goals including the hiring of thousands of new agents and an increase of its audit rate.

By Penelope Wang, AARP. Published March 05, 2024.

https://www.aarp.org/money/taxes/info-2024/mistakes-irs-trouble.html

[GailL1]

@SummerOnTheWay1 wrote:

SINCE RETIRING, I DO ALOT OF FRIENDLY BARTERING WITH OTHER SENIORS = NO IRS INVOLVEMENT. ANYONE ELSE AVOIDING THEM?

____________________________________________________________

As long as this isn’t for anything business related to either party - you are probably good to go - but be careful if one or both of you has an associated income from the type of bartering or bartering and trading you are doing.  The IRS has specific reporting rules for this sort of bartering or bartering and trading.

This explains it pretty well

Investopedia 12/20/2023- How and Where Is Revenue Recognized From Barter Transactions?