Tax time

[Jeff 232]

I have a question, Im starting to add up all may reciepts and invoices for Corp. Taxes. If I did a job in 2005 but didnt get paid for it until 2006 do I include that payment on 2005 taxes

God I hate this stuff, I basically do everything on paper, what a moron, I cant wait to have Derek come in and get this computer stuff set up and working

I said last year Id do all my reciepts each month, WELLLLLL I got Jan & Feb and then the rest of the year went in that big darn box, what a nightmare:lgtear:

I'll get it done, but it wont be FUN

[steve r 14]

by all means put with your taxes .

[Celeste 341]

Jeff LeCours - did you not learn from the conversation we had last year about that box system?!?! Don't feel like the Lone Ranger - I didn't either :(

Guess that's what I'll be doing starting tomorrow - oh joy.

Celeste

[CCPC 26]

I do all of my book keeping on Quickbooks and at the end of the year all I have to do is do a final reconcilation and its off to the accountant. I did it all on paper the first year, what a joke that was.

[wesley 15]

Jeff, even though the work was done in 05, if you did not recieve the money until 06 you don't claim it until next year.

[John T 744]

I would think that you could claim the check on either 05 or 06 as long as you claim it..I could be wrong because I have my accountant do my taxes so I don't know what the rule is on this..

If its me I would claim it as an 05 payment because the job was in 05..it just makes it easier for me to keep track of my records. As for my reciepts I got an accordian folder to keep track of each receipt so what do I do?? I did the same thing I've done for the last 10 years which is stuff all the reciepts in a box..and once again my wife and I have our work cut out for us to get this organized...Sometimes I just never learn

[Jimmy M 14]

If you are not record keeping on computer go to office supply and get a Dome Notebook[simplified Monthly Bookkeeping Record.] Aside from a computer it is the best thing since sliced bread.

[STAN 14]

Jeff If you are running your books on cash base then it will be counted when you recieve the money. If you run buy contract it is counted for the year the work is done.

Cash is easier to keep up with and most CPA's say it is the best.:lgkeyboar

[smokey51 14]

To be "potically correct" for work you did in 05 but did not get paid until 06, you claim the income for 06. If you paid your expenses for work you did in 05 in 05, you claim the expenses in 05 even though you did not get paid for the work until 06. That said, if you did not pay for the expenses until 06, then you claim them in 06. What did I say?!!!:confused:

Anyway, that being said, unless your accountant does not catch it and/or it is not a huge amount, I doubt the IRS will say anything or care.

Smokey51

[Barry M 73]

If your doing your accounting on the cash basis, meaning you only record a transaction when CASH comes in or goes out, then you would claim it in '06.

[Jeff 232]

Thanks everyone, but it doesnt matter after 4 hrs last night & 2 1/2 hrs so far tonight, Im 3/4's through the $#$##% box and thats just seperating them into different piles, then i still have to seperate the piles. But instead Im going to JUMP OFF A BRIDGE, OK only kidding, Ive just never seen so many receipts in my life................:lgtear:

Is anyone else going thru this or am I the only fool that throws hiis reciepts in a box

[RyanH 14]

This would be so much simpler if the Fair Tax were in effect.