Accounting Periods Your "tax year" is the annual accounting period you use tokeep records and report income and expenses on your income tax return.You can use one of the following tax years. A calendar tax year. A fiscal tax year. ERROR MSGYou adopt a tax year when you file your first income taxreturn. You must adopt your first tax year by the due date (notincluding extensions) for filing a return for that year. Hoteles mas baratos MakatiCalendar tax year.A calendar tax year is 12 consecutive months beginning January 1and ending December 31. five star hotel in BilbaoYou must adopt the calendar tax year if any of the following apply. You do not keep adequate records. ERROR MSGYou have no annual accounting period. Your present tax year does not qualify as a fiscalyear. If you filed your first income tax return using the calendar taxyear, and you later begin business as a sole proprietor, you mustcontinue to use the calendar tax year unless you get IRS approval tochange it. See Change in tax year, later. hotels in AthensIf you adopt the calendar tax year, you must maintain your booksand records and report your income and expenses for the period fromJanuary 1 through December 31 of each year. Fiscal tax year.A fiscal tax year is 12 consecutive months ending on the last dayof any month except December. A 52-53 week tax year is a fiscaltax year that varies from 52 to 53 weeks. If you adopt a fiscal tax year, you must maintain your books andrecords and report your income and expenses using the same tax year. For more information on fiscal tax years, including 52-53week tax years, see Publication 538,Accounting Periods andMethods. Change in tax year.Once you have chosen your tax year, you must, with certainexceptions, get IRS approval to change it. To get approval, you mustfile Form 1128, Application To Adopt, Change, orRetain a Tax Year. You may have to pay a fee. For moreinformation, see Publication 538.