Managing Taxes on a Cash Basis
I was sent payments for invoices, by check, in November and December. However, I have been out of the country since before they were sent to me, and will not be back till January, so I won't actually get the checks and be able to deposit them into my account until then. I operate my business on a cash accounting basis, so I'm assuming I'll just account for it as normal when I'm actually able to cash the checks. But I'm concerned it will cause a huge problem for my 2018 taxes as I expect the payers will show those amounts being paid in 2018 on my 1099. What should I do? Do I need to pay estimated taxes on them now even though I haven't received the funds yet?