Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12
How do we really track income? I mean, if someone just gives me a little cash into the table and I go and do some work, is that really income? Well, in all honesty, yes. If I barter if I say, “Hey, I’ve got 20 bales of hay here and you’ve got a cow, and I want your cow and you want the hay.” That is a business transaction. I know many of you are sitting there going, “Oh, this girl is crazy. No ones gonna know about it.” But you know about it, and it could come up if one of you is audited. That’s when most of my clients come walking in the door because someone else got audited and it brought them to the attention of the IRS. Make sure you file everything then you can sleep at night.
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