Hi, I am in a program similar to Avon... collect commision checks once in a while.
For purposes of calculating my estimated taxes for a specific quarter, do I use the date the checks were issued, or the date on which I cashed them?
Hi, I am in a program similar to Avon... collect commision checks once in a while.
For purposes of calculating my estimated taxes for a specific quarter, do I use the date the checks were issued, or the date on which I cashed them?
Assuming the business is on a cash basis including cost of goods sold, you recognize income on the date you constructively receive it. If today a check arrives in your mailbox, but you put it on the table and don't open the envelope until next tax quarter, you have constructively received it today.
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