Which of the following methods of payment can you expect to be taxed for?
A)Bartering
B)Gift certificates
C)Both A and B
D)Neither A or B

Question

Quizplus · Accepted Answer

You can expect to be taxed for both bartering and gift certificates. Bartering is an exchange, and it should be recorded properly at a comparable rate for tax purposes. Gift certificates have been paid for in advance, so they should have been recorded previously as a sale. Keeping clear financial records will prevent any issues in the future of your business.

Which of the Following Methods of Payment Can You Expect