# New year's Eve tax?



## Jleakakos (Jul 17, 2019)

Does New year's Eve go on 2019 or 2020?


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## FLKeys (Dec 27, 2018)

Jleakakos said:


> Does New year's Eve go on 2019 or 2020?


Did you just start working in 2019? If so you have two options, fiscal year or actual year end.

You can use a cash or accrual accounting method.

If you work for Lyft as well it is easier to go fiscal year. Your fiscal year will end the last Sunday of every year and will coincide with your Uber and Lyft pay statements. Since Lyft no longer shows what the passenger pays it would be impossible to have an accurate number if you opted to end at actual year end.

Plus if you work enough to get a 1099-K from Uber/Lyft it will be on the fiscal year ending the last Sunday of the year.


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## BuberDriver (Feb 2, 2016)

eve = 31 
new years day = 1
uber day begins at 4 am I believe...therefore it SHOULD be everything you made up until 4 am on jan 1 will be in 2019. however uber is one of the trickiest and shadiest companies of all time so don't quote me on this


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## Stevie The magic Unicorn (Apr 3, 2018)

If I rent a taxi at 4:00 am on December 31 and return it at 4:00 am January first and top off the gas before returning the car at 3:00..

$200 of my cash can go either way, it’s mere existence is on my honor anyway.

I rented the car for $150, paid $30 for gas on January 1st and drove 350 miles. 275 on December 31st and 75 on January 1st.

Now of the $380 I had in credit card receipts has been split between 2019 and 2020 already.

What year does that taxi rental go on? (They deduct it from my earnings before I can cash out my credit card slips. So I don’t pay up front)


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## lyft_rat (Jul 1, 2019)

If you paid for it in 2019, it goes in 2019 tax year even if you use that gas or whatever in 2020. If you got paid in 2020 (for work in 2019) it goes in the 2020 tax year. So its pretty simple: what you actually paid and received in 2019 goes in the 2019 taxes.


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## LADryver (Jun 6, 2017)

FLKeys said:


> Did you just start working in 2019? If so you have two options, fiscal year or actual year end.
> 
> You can use a cash or accrual accounting method.
> 
> ...


Are you completely out of your mind? Individuals have to use cash and calender. They do not have ledgers and journals for adjustments and reconciliations. You are a student, kudos, but you have a lot you still need to learn.

"Individuals
Generally, individuals must adopt the calendar year as their tax year. An individual can adopt a fiscal year if the individual maintains his or her books and records on the basis of the adopted fiscal year."

"Accrual Method
Under an accrual method of accounting, you generally report income in the year it is earned and deduct or capitalize expenses in the year incurred. The purpose of an accrual method of accounting is to match income and expenses in the correct year."

Meanwhile, the weird thing is the instant pay. If you use it and are paid in NYE then the tax year was 2019. If you waited for the bank deposit then it goes to 2020.


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