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The Watercooler
tax question
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<blockquote data-quote="Signorina" data-source="post: 572286"><p>The accrual basis is the most widely accepted basis for small business. So, if you billed these customers in December, you claim it as 2012 income. But the same is true for any expenses you incurred before the end of 2012 that you will be billed for and/or pay in 2013 - phone, office supplies, postage, etc. And if you have customers who are lagging in paying their bills - don't forget to write them off as doubtful accounts allowance or bad debt. If and when they pay their bills in 2013; you can count it as 2013 revenue if you wrote it off in 2012.</p></blockquote><p></p>
[QUOTE="Signorina, post: 572286"] The accrual basis is the most widely accepted basis for small business. So, if you billed these customers in December, you claim it as 2012 income. But the same is true for any expenses you incurred before the end of 2012 that you will be billed for and/or pay in 2013 - phone, office supplies, postage, etc. And if you have customers who are lagging in paying their bills - don't forget to write them off as doubtful accounts allowance or bad debt. If and when they pay their bills in 2013; you can count it as 2013 revenue if you wrote it off in 2012. [/QUOTE]
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