Timeline for Which year to use to pay US taxes on business income that was invoiced in December but paid in January?
Current License: CC BY-SA 3.0
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| Mar 8, 2017 at 3:44 | vote | accept | I Like to Code | ||
| Mar 7, 2017 at 18:34 | comment | added | Kevin | @Makyen thanks for the info. I was actually referring to a question I saw here a few days ago: (money.stackexchange.com/q/76927/13817) | |
| Mar 6, 2017 at 18:39 | comment | added | Makyen | @Kevin - With respect to the check received in 2016, but not deposited until 2017, the term you should research is "constructive receipt". While there could, arguably, be some corner cases (search, or ask a specific question), if you could have deposited the check and had access/control of the money in 2016, then the income was in 2016. | |
| Mar 6, 2017 at 15:10 | history | edited | Ben Miller | CC BY-SA 3.0 |
edited tags; edited title
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| Mar 6, 2017 at 13:18 | history | tweeted | twitter.com/StackFinance/status/838740684001673216 | ||
| Mar 6, 2017 at 12:38 | answer | added | Ben Miller | timeline score: 45 | |
| Mar 6, 2017 at 12:31 | history | reopened | Ben Miller united-states Users with the united-states badge or a synonym can single-handedly close united-states questions as duplicates and reopen them as needed. | ||
| Mar 6, 2017 at 12:29 | history | closed | Ben Miller united-states Users with the united-states badge or a synonym can single-handedly close united-states questions as duplicates and reopen them as needed. | Duplicate of What tax year does my income get assigned to if my client sends the payment in December but I receive it in January? | |
| Mar 6, 2017 at 12:01 | answer | added | Michael | timeline score: 2 | |
| Mar 6, 2017 at 8:07 | comment | added | Kevin | Taxes are on money received in a year. If the check wasn't cut until 2017, the income goes on your 2017 return. There was a recent question about a check received in 2016 but deposited in 2017, I'm not sure what the answer is in that case, but I'd expect it goes on the 2016 return. (I am not a tax professional, consult one of your own, etc.) | |
| Mar 6, 2017 at 7:58 | review | First posts | |||
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| Mar 6, 2017 at 7:46 | history | asked | I Like to Code | CC BY-SA 3.0 |