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When can I deduct a business expense?
December 16, 2008
Today at IowaBiz.com we cover the pressing issue, "When do I get to deduct the expense?" The post covers the timing of business expense deductions for business taxpayers:
In general, if you are a cash-basis taxpayer, you have to pay your business expenses by the last day of the year to deduct them. If you are an accrual-basis taxpayer, you have to clear the "all-events test." That is, all events to determine the liability must have taken place by year-end, and the liability must be determinable with reasonable accuracy.
Of course, it's more complicated than that, so go there and check it out.
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