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i'm doing some consulting after leaving my w-2 employment world behind. As the frequency of income can vary depending on the work, do I calculate income for a quarter based on when I invoiced for the work, or when I receive the payment? One of my clients has a NET 60 payment term which makes a difference in the time between services rendered and payment actually received.
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You are most likely on a cash basis so income is when you receive it.
What are the other options? Is there a IRS pub that describes this? Also thank you for answering.
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