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Level 3

Can I adjust for business income that is shown on a 1099 form, but not received until the following year?

One 1099 form shows I was paid an amount very late in the year, but I did not receive or deposit the payment until the next year.  How do I make this adjustment in my form?

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Level 12

Can I adjust for business income that is shown on a 1099 form, but not received until the following year?

Yes, if your business runs on a cash-basis, you should report only the business income you actually received during the tax year.

Since only the total for income reported on Form 1099-MISC appears on Schedule C, you may adjust the amount you enter for a 1099-MISC that includes income you received after the end of the year.