With cash basis, what year can business expense be deducted when using debit card, receipt is dated 12/29/17, but money doesn't come out of bank account until 1/2/18?
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With cash basis, what year can business expense be deducted when using debit card, receipt is dated 12/29/17, but money doesn't come out of bank account until 1/2/18?
posted
June 6, 20197:22 AM
last updated
June 06, 20197:22 AM
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With cash basis, what year can business expense be deducted when using debit card, receipt is dated 12/29/17, but money doesn't come out of bank account until 1/2/18?
Expenses are claimed in the tax year they are incurred. You incurred the expense, the moment you swiped the card. It doesn't matter when it was taken from the account.
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