If you use the cash basis, you would count income in the year that it is received, and expenses in the year paid. Using your example, even though the weekly settlement contains payment for a couple of days from 2015, all of it would be counted as income in 2016, since all of it is received in 2016.
1099s are prepared using the cash basis.
Trucker Tax Tips & Deductions
Discussion in 'Trucker Taxes and Truck Financing' started by WiseOne, Apr 2, 2007.
Page 38 of 38
Page 38 of 38