Bartering, the age-old method of “money” exchange, has seen somewhat of a resurgence in recent years, and financial writer David Nagle took a look at the topic in the current issue of The Professional Quilter. Here are some of the advantages and concerns about bartering expressed by the quilters and fiber artists that he interviewed for his article:
Advantages of bartering include:
- It can help quilters to exchange their business goods and services with less need for cash;
- It allows you to acquire items you need but might not otherwise be able to afford;
- It makes beneficial use of idle quiltwork inventory by getting it into an admirer’s hands;
- It may help to promote the advertising of your artwork and business;
- It may open new networking opportunities for you.
Expressed areas of concern when bartering include:
- You need to adhere to country, state and local tax rules;
- You need to make sure both parties understand the value of the products or services exchanged.
As David notes in his article, it’s important to adhere to tax requirements regardless of where you live. In the United States, most barters are taxable events, so be sure to review and comply with the IRS guidelines. If you live outside the United States, be sure to consult your tax accountant.
You can read more of David’s article as well as experiences of several quilters who have bartered in the Fall issue of The Professional Quilter. This issue is available to members of the International Association of Professional Quilters.
The International Association of Professional Quilters offers resources and networking opportunities for you to create a success from your quilting business. Learn about all the benefits of IAPQ membership and join here.