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Daycare and Taxes>Security Deposit and First Week Deposit?
Reimel61 08:27 AM 12-31-2019
I contracted with a family in November 2019 for start in February 2020. i have already received payment for the security deposit and the first week tuition. What year do I claim this? 2019 or 2020? Thanks.
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TomCopeland 11:33 AM 12-31-2019
Originally Posted by Reimel61:
I contracted with a family in November 2019 for start in February 2020. i have already received payment for the security deposit and the first week tuition. What year do I claim this? 2019 or 2020? Thanks.
2019. Report income in the year you receive it, not the year you earned it. See my article on this: http://tomcopelandblog.com/when-do-you-report-income-3
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Tags:deposits, taxable income, tom copeland
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