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Old 11-26-2007, 11:40 AM
Big TR Big TR is offline
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Join Date: Nov 2003
Location: Chicago, IL
Posts: 464
Default Re: Business \\ Tax Question

Typically taxable income is done on a cash basis. If you don't receive the cash by 12/31, you will have to take that money as income in 2008.

This can be moot if you run an accrual based business and bill the company for your services before 12/31.
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