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Thread: what is the tax year?

  1. #1
    God/dess anomar's Avatar
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    Default what is the tax year?

    Is it just jan 1-dec 31, or is it something like apr 16-apr 15?

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    God/dess Emily's Avatar
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    Default Re: what is the tax year?

    it's Jan1-Dec 31st.

    And you get until Apr 15 to figure it all out for that time.

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    Default Re: what is the tax year?

    For individuals a tax year is the calendar year commencing Jan. 1 and ending Dec. 31 of the same year. You then have three and a half months (until April 15th) to scurry around getting your receipts and records, and doing your taxes for the period of the last calendar (tax) year.

    A fiscal year can be defined by a corporation as something other than a calendar year, but in no event can it exceed 12 months in time or be less than 12 months.

    For instance, snowblower companies used to have a fiscal year of April 1 through March 31
    as it matches their major product sales of Nov. through March. It may be possible for an individual to have the IRS approve a tax year as something other than a calendar year, but I have not every heard of that for individuals.

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    Senior Member DanMorris95156's Avatar
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    Default Re: what is the tax year?

    The April 15/16 relates to UK tax year. For US taxpayers, a calander year is the tax year. C-Corporations may elect a fiscal year. S-Corporations generally have a Calander as do most LLC's.

    Regards,

    Dan
    Daniel D. Morris, CPA
    [email protected]

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