tax year

tax year

The 12-month period for which tax is calculated. For most individual taxpayers, the tax year is synonymous with the calendar year.

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Tax Year

The year during which one's taxable income is considered. That is, the tax year is any 12-month period during which a government calculates one's tax liability. Normally, this is simply the calendar year, but it may also be a fiscal year.

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tax year

The accounting year selected by a taxpayer for purposes of determining annual taxable income. A new company may select any tax year it desires—July 23 through July 22, for example—and need not use the standard individual tax year of January 1 through December 31.

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Tax Year

The calendar year or fiscal year for which the taxable income is computed.