Is it just jan 1-dec 31, or is it something like apr 16-apr 15?
Is it just jan 1-dec 31, or is it something like apr 16-apr 15?
it's Jan1-Dec 31st.
And you get until Apr 15 to figure it all out for that time.



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.
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
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