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I had done consulting work in 2015.Got paid early 2016. Since I didn't "work" in 2016, Do I need to report it as income for 2016 income tax year?
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As an individual, you must report income in the year you receive it, not necessarily in the year it was "earned".
Individuals are considered "cash basis" taxpayers by the IRS. That means they recognize and report income (and deductions) in the tax year they actually receive it (or pay it).
As an individual, you must report income in the year you receive it, not necessarily in the year it was "earned".
Individuals are considered "cash basis" taxpayers by the IRS. That means they recognize and report income (and deductions) in the tax year they actually receive it (or pay it).
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