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Do I write off expenses incurred this year eventhough I won't be paid until next year?
I work as an independent contractor/ consultant and I will be spending 4 months abroad in 2018 and will be earning income that I will need to claim in the US for my 2018 taxes. I already incurred expenses this year (2017) in preparation for the trip including the first month and half of my lodging expenses, which had to be paid in advance. Do I write those expenses that I incurred in 2017 off for my 2017 taxes eventhough I won't receive payment until 2018? thank you!
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‎June 6, 2019
3:25 AM