Tax YearYou must figure your taxable income and file an income tax returnbased on an annual accounting period called a tax year. A tax year isusually 12 consecutive months. There are two kinds of tax years. - Calendar tax year. hotel reservierung KulmThis is a period of 12consecutive months beginning January 1 and ending December 31.
- Fiscal tax year. This is a period of 12consecutive months ending on the last day of any month other thanDecember or a 52- or 53-week period that ends on a specific day of theweek occurring either in the last week or nearest the last day of aspecific month.
If you operate a business as a sole proprietor, the tax year foryour business must be the same as your individual tax year. Specialrules apply to S corporations and partnerships. For more information, see Publication 538, Haarlem cheap hotelsAccounting Periodsand Methods. First-time filer.If you have never filed an income tax return, you can choose eithera calendar tax year or a fiscal tax year. You must choose a tax yearby the time set by law, not including extensions, for filing yourfirst return. You must use a calendar tax year if you have inadequate records oryou have no accounting period, or your annual accounting period doesnot qualify as a fiscal year. Changing your tax year.hotels BrnoOnce you have chosen your tax year, you may have to get IRSapproval to change it. To get approval, you must file Form 1128. Youmay have to pay a fee. For more information, see Publication 538. |