Welcome to the SmallBusiness.com WIKI
The free sourcebook of small business knowledge from SmallBusiness.com
Currently with 29,719 entries and growing.

WIKI Welcome Page
Local | Glossaries | How-to's | Guides | Start-up | Links | Technology | All Hubs
About · Help Hub · Register to Edit · Editing Help
Twitter: @smallbusiness | Facebook | Pinterest | Google+


In addition to the information found on the SmallBusiness.com/WIKI,
you may find more information and help on a topic
by clicking over to SmallBusiness.com and searching there.

Note | Editorial privileges have been turned off temporarily.
You can still use the Wiki but cannot edit existing posts or add new posts.
You can e-mail us at [email protected]

Choosing a tax year

SmallBusiness.com: The free small business resource
Jump to: navigation, search

Calendar vs. Fiscal

Each taxpayer must figure taxable income on the basis of an annual accounting period for keeping records and reporting income and expenses. Two choices are available:

  • Calendar year– runs from January 1 through December 31 and generally may be adopted by anyone. In some instances, a calendar year is required.
  • Fiscal year– runs for 12 consecutive months ending on the last day of any month except December.