When do you deposit check?

[Fernando]

I do mostly GSE appraisals so I get payment after I complete my reports.
With private reports in which I get paid directly from client/owner, do you deposit check immediately or near date of completion of report?
Just curious how my peers do it.

 

[Zoe]

I do mostly GSE appraisals so I get payment after I complete my reports.
With private reports in which I get paid directly from client/owner, do you deposit check immediately or near date of completion of report?
Just curious how my peers do it.

At this point in time, I am getting close to depositing after 1st of year because of the income tax method I use. I try to push the income to next year. I am not there yet but getting close. I will reevaluate in December. I operate on pretty much a cash basis on income tax. Some people operate on a different tax basis.

 

[Fernando]

At this point in time, I am getting close to depositing after 1st of year because of the income tax method I use. I try to push the income to next year. I am not there yet but getting close. I will reevaluate in December. I operate on pretty much a cash basis on income tax. Some people operate on a different tax basis.

I advise not to wait til next year to deposit. Never know if there's enough funds in that checking account.
Curious owner asked if I can do credit card? Do appraisers want credit card? With cc fees and set up fees, it's not worth it.

 

[Mike Ault]

If you do much private work, you'd better get used to accepting payments via "Apps". If you don't, you will lose business to those who do.

 

[Zoe]

If you do much private work, you'd better get used to accepting payments via "Apps". If you don't, you will lose business to those who do.

I have seen that too. You don't have option of holding a check a couple of weeks before year end.

On a cash basis, the period starts Jan 1 and ends 12/31.

If it is direct deposit on a cash basis. It is income when it hits the business account. Same way on holding a check until Jan 1st of next year. It is not income until it hits the account.

Check could be dated 12/15/2025. Check deposited 01/01/2026. On a cash basis, that is 2026 income.

 

[Fernando]

I have seen that too. You don't have option of holding a check a couple of weeks before year end.

On a cash basis, the period starts Jan 1 and ends 12/31.

If it is direct deposit on a cash basis. It is income when it hits the business account. Same way on holding a check until Jan 1st of next year. It is not income until it hits the account.

Check could be dated 12/15/2025. Check deposited 01/01/2026. On a cash basis, that is 2026 income.

Does that work for expenses?
If I date an expense check 12/31 in 2026 and send it out to be paid in 2026?

 

[Fernando]

MSN

Trump pardons New York Mets legend Darryl Strawberry​

President Trump has approved a presidential pardon for former MLB and Mets legend Darryl Strawberry, a White House official said Friday. Strawberry pleaded guilty in 1995 to tax evasion for failing to report income on his federal tax returns.

 

[ValueArtist]

MSN

Trump pardons New York Mets legend Darryl Strawberry​

President Trump has approved a presidential pardon for former MLB and Mets legend Darryl Strawberry, a White House official said Friday. Strawberry pleaded guilty in 1995 to tax evasion for failing to report income on his federal tax returns.

Did Trump use autopen for this pardon, like how Joe Biden did for Hunter's tax crimes? If so, it should be voided!

 

[WestMichiganCG]

I advise not to wait til next year to deposit. Never know if there's enough funds in that checking account.
Curious owner asked if I can do credit card? Do appraisers want credit card? With cc fees and set up fees, it's not worth it.

I use Squarespace and apply a 3% convenience fee if they want the option or they can write a check.

 

[Fernando]

I use Squarespace and apply a 3% convenience fee if they want the option or they can write a check.

You're a smart guy. I didn't think about that.
Some restaurants are charging additional 3% if paid by credit card or a discount if by cash.
I remembered my Vet charging 3% more for credit card.