Investor Glossary-tax yearInvestor Glossary-tax yearInvestor Glossary-tax yearInvestor Glossary-tax yearInsightful stock market charts - Click here
investor
Categories    # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Tax Year

The HTML to link to this page
 

A tax year is a 12-month period initiated by a taxable entity (individual, private company, corporation, etc.) and reported to the Internal Revenue Service (IRS). The term "tax year" is interchangeable with "accounting year." The IRS categorized the tax year into four types:

1. Calendar year: The period from January 1st to December 31st.
2. Fiscal year: A 12-month period ending on the last day of any month except December.
3. 52-53-week tax year: A fiscal year that ends on the same day of the week in the same month each year (e.g., the last Monday in March.)
4. Short tax year: A taxable period of less than 12 months, resulting either from the taxable entity not existing for a full tax year or changing the end date of the desired tax year.

Individuals, partnerships, S-corporations and personal service corporations (PSCs) generally must use the calendar year as their tax year, unless the IRS grants permission to use a different type of tax year. Corporations may select a calendar year or a fiscal year as their tax year. The first time the corporation files taxes, its tax year is considered to be selected and locked in. After that, the tax year can only be changed with IRS permission. Requests to change a tax year can be made by filling out IRS form 1128.



Rate this Tax Year definition...

Learn about investing with the Investor Glossary Term of the Day


Click here for insightful stock market charts. Where is the market headed? The answer may surprise you. Find out
with the exclusive & Barron's recommended charts of Chart of the Day.


Popular Terms: labor relations, 1031 exchange, wholly-owned subsidiary, margin rate, debt service coverage, phantom income, risk management, ex-dividend date, retained earnings, reverse mortgage, minority interest, required rate of return, FICO score, quality assurance, diluted share, open position, inflation, covered put, stock split, in escrow, cancelled check, real GDP, dividends payable, APR, liquidity ratio, FTSE, balance sheet, 1035 exchange, EBITDA, irrevocable trust, Key Rate Duration, ex-dividend, deferred tax, VIX, option premium, average price per share, implied volatility, current ratio, limit order, deferred revenue, per diem, Zero Cost Collar, annual return, 401a, stock market close, command economy, LIBOR, 144a, class C shares


Accounting | Banking | Bonds | Brokers | Economy | Futures | Mutual Funds | Options | Real Estate | Retirement | Stocks | Taxes | Technical Analysis
Investor Glossary | Term of the Day | Suggest a Term | Chart of the Day | Dogs of the Dow
©2004-2015 Investor Glossary - All rights reserved - Terms of Use