Deductions-wise, are business expenses paid in February 2019 included in this year's (2018) return, or next year's?

I ask, since, the timing is still before the end of the tax year, i.e. 04/2019, even though it is in the new calendar year.

530

1 Best answer

Intuit Alumni

Jun 1, 2019 7:43:57 AM

No business expenses paid in February 2020 must be deducted on your 2020 tax return.

The tax year for individuals ends on December 31 of each year.

The start of a new tax year for individuals is January 1st.

[Edited 03/11/2020 | 1:33 pm PDT]

Intuit Alumni

Jun 1, 2019 7:43:57 AM

No business expenses paid in February 2020 must be deducted on your 2020 tax return.

The tax year for individuals ends on December 31 of each year.

The start of a new tax year for individuals is January 1st.

[Edited 03/11/2020 | 1:33 pm PDT]

New Member

Jun 1, 2019 7:43:59 AM

Thank you, Leonard.

Intuit Alumni

Jun 1, 2019 7:44:12 AM

You are most welcome