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Do you get taxed based on work date or payment date?

Discussion in 'Trucker Taxes and Truck Financing' started by RunningAces, Aug 6, 2022.

Aug 6, 2022 #1

RunningAces Road Train Member

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If I drop off a load on 12/28/21 and send in the paperwork but the broker doesn't send a check until 1/28/22 would that payment be part of my 2021 taxes or my 2022 taxes?

RunningAces, Aug 6, 2022

RunningAces, Aug 6, 2022

#1

D.Tibbitt Thanks this.
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Aug 6, 2022 #2

kemosabi49 Trucker Forum STAFF Staff Member

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2022

kemosabi49, Aug 6, 2022

kemosabi49, Aug 6, 2022

#2

D.Tibbitt, Opus, RunningAces and 1 other person Thank this.
Aug 6, 2022 #3

RunningAces Road Train Member

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kemosabi49 said: ↑

2022
Click to expand...

That's what I was thinking. Thank you!

RunningAces, Aug 6, 2022

RunningAces, Aug 6, 2022

#3

Accidental Trucker Thanks this.
Aug 7, 2022 #4

Accidental Trucker Road Train Member

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For you, 99.99% chance it's 2022, but the complete answer is:

2022 if you are using cash accounting
2021 if you are using accrual accounting.

Accidental Trucker, Aug 7, 2022

Accidental Trucker, Aug 7, 2022

#4

RockinChair and RunningAces Thank this.