If you are a cash-basis taxpayer, then yes.
Under the cash method of accounting, income is generally recorded when you actually receive it, and expenses are generally recorded when you actually pay them.
However, there are exceptions:
- Under the doctrine of constructive receipt, you must record income when it is made available to you for your use. Example: A customer pays you on December 30, 2019 for services you performed, but you don't deposit the check until January 2, 2020. You must record the payment as 2019 income. You can't defer it until 2020 just because you deposited the check in 2020.
- Similarly, if you prepay certain expenses more than 30 days in advance, you can't deduct the entire expense right away. Example: On July 1, 2019 you pay for a two-year subscription to a trade journal. You can deduct 1/4 of the payment in 2019, 1/2 in 2020, and 1/4 in 2021. You can't deduct the entire amount in 2019.
Income is constructively received when an amount is credited to your account or made available to you without restriction. IRS Publication 538
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