Cash
Record income on your books only when the money is received and you record expenses only when the money is paid out.

Accrual
Records income on your books when it is earned and you record expenses when they are incurred.

Calendar Year
A calendar year is 12 consecutive months beginning on January 1st and ending on December 31st.

Fiscal 12 Month Year
A fiscal year is 12 consecutive months ending on the last day of any month except December. If you are allowed to adopt a fiscal year, you must consistently maintain your books on the selected basis.

Fiscal 52-53 Week Year
You can elect to use a 52-53 week tax year if you keep your books and records and report your income and expenses on that basis. If you make this election, your 52-53 week tax year must always end on the same day of the week. Your 52-53 week tax year must always end on:

• Whatever date this same day of the week last occurs in a calendar month, or
• Whatever date this same day of the week falls that is nearest to the last day of the calendar month.

Are You Required to Withhold Income Tax?
Employers paying employee wages for services performed in Nebraska subject to income tax withholding must be licensed for Nebraska income tax withholding. If you have an office or conduct business in Nebraska and are considered an employer for federal purposes, you must withhold income taxes for Nebraska. This includes payments made to all employees, including nonresidents, for services performed in this state.

If you pay a nonresident of Nebraska for personal services performed in Nebraska, even when the person is not your employee, and the payment is not subject to federal income tax withholding, you may still be required to withhold income tax for Nebraska. See the instructions on page 9, Income Tax Withholding from Nonresidents, on payments not subject to federal income tax withholding.

If you are already registered through the Streamline Sales Tax Registration System(SSTRS), you do not need to apply for sales tax or use tax on this Nebraska Tax Application, Form 20. Any seller that wants or needs to register in all the Streamlined full member or any of the contingent or associate member states may use the Streamline Sales Tax Registration System (SSTRS).