can you hold a check till the end of the year to avoid paying taxes on the income
Asked on 12/21/09, 2:43 pm
1 Answer from Attorneys
Jorge GEORGE Rodriguez
Law Offices of Jorge "George" Rodriguez
26 U.S.C. 61 defines income as all income from whatever source derived. You cant defer paying taxes on the money by simply not putting the check in the bank. As long as you have a right to the money, it is income in the year it was received and made available to you, even if you choose not to deposit the check.
Answered on 12/26/09, 11:44 pm