Tax Year

Tax Year
The period of time which is covered by a particular tax return. Many firms simply use the calendar year as their tax year, however this is not always required. When a firm begins or ends operations, it often needs to file a tax return for a shorter time period than a full 12 months. During normal operations, a firm may elect different dates for its tax year in the same way that it may elect different fiscal years. This is typically a simple operation requiring only that certain forms be completed.

Changing the firm's tax year generally does not have any long-term effect on tax liabilities. However, changing the tax year may allow the firm to more efficiently compile the financial information required to complete tax returns. Strategically timing a tax year may also allow for better utilization of accounting resources where preparing the tax return can be made to coincide with a less busy portion of the year.


Investment dictionary. . 2012.

См. также в других словарях:

  • tax year — n: taxable year Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. tax year …   Law dictionary

  • tax year — UK US noun [countable] [singular tax year plural tax years] a period of 12 months that is used for calculating taxes Thesaurus: relating to tax and taxationhyponym * * * …   Useful english dictionary

  • tax year — tax years N COUNT A tax year is a particular period of twelve months which is used by the government as a basis for calculating taxes and for organizing its finances and accounts. In Britain, the tax year begins on April 6th and ends on April 5th …   English dictionary

  • tax year — n the period of 12 months in which income is calculated for paying taxes. The tax year begins on April 6th in Britain, and January 1st in the US …   Dictionary of contemporary English

  • tax year — ► NOUN ▪ a year as reckoned for taxation (in Britain from 6 April) …   English terms dictionary

  • tax year — tax ,year noun count a period of 12 months that is used for calculating taxes …   Usage of the words and phrases in modern English

  • tax year — A business is given a tax year. These usually end at the end of March, April and May each year. HM Customs & Revenue Glossary The tax year begins on April 6 and ends on April 5 the following year. Financial Services Glossary * * * tax year tax… …   Financial and business terms

  • tax year — UK / US noun [countable] Word forms tax year : singular tax year plural tax years a period of 12 months that is used for calculating taxes …   English dictionary

  • tax year — noun (C) the period of 12 months in which your income is calculated for paying taxes. The tax year begins on April 6th in Britain, and January 1st in the US …   Longman dictionary of contemporary English

  • tax year — The period covered by a tax return. Individuals generally file on a calendar year while corporations, trusts, and other entities may file on a fiscal year. See accounting period fiscal year …   Black's law dictionary


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