When deduct business licensing fees paid in prior year
If business licensing fees applicable to 2022 are paid in 2021 (In November/December for the upcoming year), which year's return should they be deducted?
If business licensing fees applicable to 2022 are paid in 2021 (In November/December for the upcoming year), which year's return should they be deducted?
If the business is a cash basis taxpayer, then the expense is deducted in the year in which it is paid.
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