{"id":4640,"date":"2016-04-04T10:47:37","date_gmt":"2016-04-04T15:47:37","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/business-taxes\/when-do-i-start-my-income-tax-year.html"},"modified":"2024-05-23T02:10:28","modified_gmt":"2024-05-23T07:10:28","slug":"when-do-i-start-my-income-tax-year","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/business-taxes\/when-do-i-start-my-income-tax-year.html","title":{"rendered":"When Do I Start My Income Tax Year?"},"content":{"rendered":"\n
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When Do I Start My Income Tax Year?<\/h1>\n
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Every business is required to file and pay taxes in accordance to an annual accounting period called a tax year. Whether it’s calendar year or fiscal year<\/a>, the business must be consistent once it chooses a method. Tax years are typically 12 consecutive months; but new businesses or those that have changed their annual accounting period may have shorter tax years. There are some instances where businesses are required to account for taxes on a calendar year basis; businesses that don’t keep books, for instance. Using a fiscal calendar year may have advantages for seasonal businesses, for example, that want to avoid splitting a busy season into two tax years.<\/p>\r\n

The following information will help you decide which type of annual accounting period makes the most sense for your business. See FindLaw’s Business Taxes<\/a> section for additional resources.<\/p>\r\n

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Calendar Year vs. Tax Year at a Glance<\/h2>\r\n