Quote:
Originally posted by lordjeebus
Another tax question!
I did some work as a contractor. I submitted an invoice for my last period of 2003 work in December, but I still haven't been paid (and probably won't for another month). I got my 1099 from them but it doesn't include the last period of pay they owe me.
Does this money that I'm going to get eventually count as 2003 income or 2004 income?
|
If you're including this on your schedule C and are on a "cash basis" reporting schedule (most schedule Cs are, which is your self-employment schedule) than you report the income when you get the cash. Which means get the check in your possession, like in the mailbox or your hot little hands, NOT when you chose to cash it.
Which looks like 2004.