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New Member
posted Jun 6, 2019 7:22:02 AM

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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1 Replies
Level 15
Jun 6, 2019 7:22:04 AM

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.