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Nolan Accounting Center
4262 South 108th Street
Greenfield, WI 53228
Phone: 414-425-5690
Fax: 414-425-2373
Website: www.nolanaccounting.com
QUESTION:
We plan to revive employee bonuses at our pre-Covid levels this year. A business owner friend said we can deduct the bonuses for 2023 tax purposes but not actually pay them until 2024. Is this true?
But only accrual-basis taxpayers can benefit. Even if you are an accrual-basis taxpayer, you can't deduct the 2023 bonuses in 2024 unless you fix your obligation to pay in writing before year's end.
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