# December 26 to January 1st



## Woodbury77 (Nov 30, 2016)

I'm sure someone already answered this but I haven't been able to find it here or online on Uber's site.

The last statement of the year from 12/26/2016 to 1/1/2017 paid in 2017 are the December fares and everything else pulled out and put on our tax form for 2016 or is it all considered 2017 because it's paid in 2017?

Thanks!


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## SEAL Team 5 (Dec 19, 2015)

Woodbury77 said:


> I'm sure someone already answered this but I haven't been able to find it here or online on Uber's site.
> 
> The last statement of the year from 12/26/2016 to 1/1/2017 paid in 2017 are the December fares and everything else pulled out and put on our tax form for 2016 or is it all considered 2017 because it's paid in 2017?
> 
> Thanks!


You can do it either way. The earned income was in 2016 or the revenue was paid in 2017. Just be consistent. I always do the year the revenue was received.


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## UberTaxPro (Oct 3, 2014)

Woodbury77 said:


> I'm sure someone already answered this but I haven't been able to find it here or online on Uber's site.
> 
> The last statement of the year from 12/26/2016 to 1/1/2017 paid in 2017 are the December fares and everything else pulled out and put on our tax form for 2016 or is it all considered 2017 because it's paid in 2017?
> 
> Thanks!


Basically you've got 2 ways to account for this. One is the the cash method and the other is the accrual method. Under the accrual method you'd include the last statement in 2016 income because that is when you earned the income. Under the cash method you'd include the last statement in 2017 because that is when you received the money. Like SEAL Team 5 stated, be consistent. You will have to choose a method on your schedule C. Cash method is usually easier for DIY bookkeepers.


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## El Gato (Mar 5, 2016)

UberTaxPro said:


> Basically you've got 2 ways to account for this. One is the the cash method and the other is the accrual method. Under the accrual method you'd include the last statement in 2016 income because that is when you earned the income. Under the cash method you'd include the last statement in 2017 because that is when you received the money. Like SEAL Team 5 stated, be consistent. You will have to choose a method on your schedule C. Cash method is usually easier for DIY bookkeepers.


Do you all do the same for expenses? So if doing the cash method, the expenses incurred (ie mileage) for that pay period that occurred in 2016 but was paid in 2017 are also reported similarly in 2017 not 2016?


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## UberTaxPro (Oct 3, 2014)

El Gato said:


> Do you all do the same for expenses? So if doing the cash method, the expenses incurred (ie mileage) for that pay period that occurred in 2016 but was paid in 2017 are also reported similarly in 2017 not 2016?


Generally, using the Cash method expense deductions are taken when paid. There is an exception called the 12-month rule. It lets you deduct a prepaid future expense in the current year if the expense is for a right or benefit that extends no longer than the earlier of: 12 months, or until the end of the tax year after the tax year in which you made the payment.


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