My name is Wallace Louis Temple Jr,

I am a Technical Support Specialist.

I charge 100 USD every hour of the day.

All bills and invoices I need to be paid for are billed to “University Technicians.”

As a trustee, I am required to create a “Sole Proprietor Commercial Account” in my name and social number listed on my card.

This sole proprietor is activated once I have executed a revocable trust as directed by the Born State Statutory Laws. Once I have updated my status through execution of a revocable trust, I must also update my name as a fictitious entity in the State I am transacting business in.

Transaction of business means two things:

1) I am conducting in trade or exchange of services or products in which monetary value is placed.

2) I am conducting in trade or exchange of U.S. currency, or international currency in which actual money is held and transferred as value for products, goods, or services. This is best done through banks, and third party services.

In summary of both; each display a “transaction of value” from one to another. “if you exchange services with another business, the transaction results in taxable income for both parties.”

For example:

Value of service is 100 dollars each session or each hour; assistance is given to a client online via zoom.us and the client agrees to meet and accept the value of exchange for services needed to get a tutorial for online software.

The client is assigned to Technical Support Specialist “Wallace,” he provides the service without any cash or service exchanged for one session, one hour. The client is now the recipient of the transaction. Wallace is the payer.

Based upon the law of transactions in each state or location in United States and other countries International, a taxable event has occurred.

Once the payment is made in cash, credit, or debit, or check; this transaction is recorded by a paid invoice. Once invoiced is paid, a tax form is issued for the transaction at end of year. If no equal exchange is given for the value. Wallace has a loss of -100 dollars and must report loss on taxes and issue a tax form at that time for that transaction.

Every service is considered to be at ”Fair Market Value.”

The only way this is done correctly is by having a site or cost of service displayed for the client to agree.

If no service is given or no client agrees; no transactions are conducted as a taxable event.

source article:

https://gscpa.com/bartering-is-a-taxable-transaction-even-if-no-money-changes-hands/