TimeBank Mahoning Watershed

Time Banks for small businesses

On 06/04/13 7:09 AM, Elizabeth wrote:
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Hi Tony! Do you know much about legal/tax issues for small (sole proprietor) businesses participating in time banks? Are any Mahoning Valley businesses doing this, to your knowledge? Thanks!
Liz

Hi Elizabeth,
Please know that I’m not a lawyer. The founder of TimeBanks USA is a lawyer and his writing is here: http://actionhub.timebanks.org/content/tax-issues

Basically the rule is that community service non-paid work time is documented as a time credit in an account when non-paid community service work is performed. There is no relation of any time unit to any Federal money unit so there is no tax.

Time Bank Mahoning Watershed is a 501 c(3), see our purpose at http://tbmw.org/about-tbmw/timebank-mahoning-watershed-our-vision-mission-values-statement

There is no fee and or no requirement to use our data base program. We do ask for yearly in kind work services or financial contributions from participating individuals, groups, for-profits and non-profits. Currently there are no Mahoning Valley business in our time bank. I love to talk about Time Banking,  See http://tbmw.org/contact-us/schedule-a-timebank-presentation-with-your-group-program-or-organization

Hope that the above helps,
Best Wishes,
TonyBudak@TBMW.org

No Bartering in Time Banks

Often one of the first reflections a new person has to Time Banking is, oh, Time Banking is just like a barter exchange. No. A barter is a one to one direct exchange while time banking is not. Barter is synchronous (directly face to face at the same time) while time banking  is asynchronous and not linked to a direct concurrent moment in time, and occurs independent of a face to face direct exchange and will occur at any time over time with any one [members only])

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