Soocom1
Been spending a lot of time on here!
- Joined
- Feb 27, 2006
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Ok folks, I have a bit of a conundrum. Any input is welcome.
Since January, I have had literally NOTHING in the way of business. Zip zero NADA!
I have filed for two quarters now, $0 in taxes on my business. Almost every person I have talked to that wanted work, backed out at the last minute mostly because of gas prices.
My wife decided to have made for me a set leather and turquoise wrist bands or more accurately known as bow guards. Such bow guards can run into the thousands if lavishly made. But in this case they are going to be worth approx $400.00.
The man who will make these bow guards approached my wife the other day and asked her if I would be willing to barter the bow guards for a set of pictures of his other jewelry for a web site He makes jewelry for a living, and is fairly well known in the jewelry world for his Navajo work.He has seen my work before and seems to like it. He also has a bit of pull in the world of native jewelry makers and can drop my name to many others.
By doing this, it would be good exposure for my work, and open up other possibilities. The trade off is that I dont get paid cash on this one. This presents the problem of paying an illegal and punitive tax in NM that taxes items made in exchange for business purposes.
They like to call it the Compensating tax, or the slang version is barter tax. This in the value of $400.
So here is the question.
If I take the job, I get bow guards, exposure to other possible jobs, exclusive work with a well known Navajo jewelry maker and my work actually published to some degree. But I would have to pay compensating tax, and get no money for the initial deal.
If I turn it down or ask for money, I probably in all likelihood wont get the work, no exposure, and the bow guards would have to be paid for in a separate manner. Plus my business possibly going out all together because of no exposure. But I need money comming in.
It may sound simple, but this is a toughie for me.
Since January, I have had literally NOTHING in the way of business. Zip zero NADA!
I have filed for two quarters now, $0 in taxes on my business. Almost every person I have talked to that wanted work, backed out at the last minute mostly because of gas prices.
My wife decided to have made for me a set leather and turquoise wrist bands or more accurately known as bow guards. Such bow guards can run into the thousands if lavishly made. But in this case they are going to be worth approx $400.00.
The man who will make these bow guards approached my wife the other day and asked her if I would be willing to barter the bow guards for a set of pictures of his other jewelry for a web site He makes jewelry for a living, and is fairly well known in the jewelry world for his Navajo work.He has seen my work before and seems to like it. He also has a bit of pull in the world of native jewelry makers and can drop my name to many others.
By doing this, it would be good exposure for my work, and open up other possibilities. The trade off is that I dont get paid cash on this one. This presents the problem of paying an illegal and punitive tax in NM that taxes items made in exchange for business purposes.
They like to call it the Compensating tax, or the slang version is barter tax. This in the value of $400.
So here is the question.
If I take the job, I get bow guards, exposure to other possible jobs, exclusive work with a well known Navajo jewelry maker and my work actually published to some degree. But I would have to pay compensating tax, and get no money for the initial deal.
If I turn it down or ask for money, I probably in all likelihood wont get the work, no exposure, and the bow guards would have to be paid for in a separate manner. Plus my business possibly going out all together because of no exposure. But I need money comming in.
It may sound simple, but this is a toughie for me.