- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Most taxpayers operate on cash-based accounting. That means that income is reported on your tax return as of the date you actually receive it. If you are given a check that is valid, that counts as receiving it, even if you don’t actually deposit it until later.
With accrual-based accounting, you might only book the revenue when the job starts. But accrual basis county is complicated and usually requires an accountant to help you set it up, so you would already know if your business used it.
October 30, 2020
4:22 AM