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BarterPays!® in the News! Jersey Shore's Monmouth-Ocean County Barter Leader for 25+ Years. We Bring Shore Businesses Together!
Asbury Park Press. April 9, 2018.


John Geantasio
John E. Geantasio, CPA

Why is joining a barter exchange beneficial to a business?
EXPERT RESPONSE: Joining a barter exchange can be extremely beneficial to your business. As a barter member, you will be exposed to many other business owners, most of which you probably would not have known otherwise. Some of these barter members will end up conducting business with you which equates to new business for you. In turn, you will be able to convert some of your cash business expenses into barter expenses (such as tax preparation, legal, restaurants, advertising, dentist, etc.) And best of all, your new barter customers/clients will refer cash business back to you. It’s a winning formula, if you do it correctly!

How much business do you recommend a business earn through barter annually?
EXPERT RESPONSE: The amount of barter each business does on an annual basis is totally up to that individual business. My personal opinion is that a business should do as much barter as they can – making sure they spend down their barter trade balance as well. Barter is a great way to move out inventory, keep your employees busy, and increase your referrals.

Any tips for a business joining a barter exchange from a financial/accounting perspective?
EXPERT RESPONSE: Income received through a barter exchange is treated just like any other type of income you receive. You must pay income tax on any barter Income you receive (barter business related expenses will offset barter income, and therefore reduce your income tax). If your income is subject to sales tax, then your barter income will also be subject to sales tax. Transactions that run through a barter exchange (income and expenses) are no different than transactions that run through a business credit card. Seek a tax professional for guidance.

What businesses should join a barter network?
EXPERT RESPONSE: Any business with a product to sell or a service to offer should at least consider the advantages of joining a barter exchange.

Is bartering legal? What does the IRS say about bartering?
EXPERT RESPONSE: Bartering is one of the oldest forms of business known to man, and is legal. The IRS specifically speaks about Bartering in its Tax Code. All barter Income must be reported on Form 1099B which is automatically done for you directly by BarterPays!. Work with your accountant to reduce this barter income by buying as many barter expenses as possible, so your tax is reduced.

What do you like about being a member?
I have enjoyed being a BarterPays! member since the year 2000. From a business perspective, I have been able to increase the profitability of my business by using barter. From a personal perspective, I have met many great business owners many of whom I call friends.

What have you purchased for your family over the last couple of years?
Over the last few years I have enjoyed many purchases on barter, including: restaurants, bed and breakfast inns, legal services, dental care, health spas, lawn service, office supplies, advertising, employee gifts, catering, etc.

How has barter benefitted your business?
BarterPays! has benefited my business directly by adding clients I would have never met unless I was a member. In addition, as my barter revenues increased, I was able to spend less cash dollars and use barter expenses instead.