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June 6, 2019
Question

With cash basis, what year can business expense be deducted when using debit card, receipt is dated 12/29/17, but money doesn't come out of bank account until 1/2/18?

  • June 6, 2019
  • 1 reply
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    1 reply

    Carl11_2
    Employee
    June 6, 2019

    Expenses are claimed in the tax year they are incurred. You incurred the expense, the moment you swiped the card. It doesn't matter when it was taken from the account.