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Choosing a tax year

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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.