TaxxyDude
Returning Member

Can I expense an item in 2020 that I paid for in 2021?

I own a small business that uses a cost method to value inventory. On around October 20th, 2020 I took delivery of an item that I sold shortly thereafter. I paid for this item with a 30% deposit and mailed the remaining balance on November 23, 2020 (for which I have a check