tax 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.

tax year

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

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.

Tax Year

The calendar year or fiscal year for which the taxable income is computed.
References in periodicals archive ?
If an LLC's gross receipts for the short period ending with the requested year end and the three preceding tax years indicate that it has a peak and nonpeak period of business, the LLC's natural business year is deemed to end at, or soon after, the close of the highest peak period of business.
The new law extends for two years, through tax years beginning before 2011, these lower rates on adjusted net capital gains.
IRC section 451 provides that an item of gross income is reported in the tax year in which a taxpayer receives it.
3) Global interest netting should apply only to tax years that are not barred by statute.
A forest owner will be considered to be materially participating in his woodland activity if any one of the six applicable tests are satisfied during a particular tax year.
An LLC TAXED AS A C CORPORATION CAN choose any year end as the tax year end (an LLC classified as an S corporation generally must use a calendar year end).
The size of the 15 percent tax rate bracket for joint returns is twice the size of the corresponding tax rate bracket for single returns for tax years 2003-10.
CPAs should advise clients that, under the act's section 401(h), the new provisions apply to tax years beginning after 2001.
Hence, a taxpayer may not compel the IRS to apply the same, higher interest rate to contemporaneously extant overpayments and underpayments from different tax years.
A passthrough entity (as well as a controlled foreign corporation (CFC)) that does not have a required tax year, is disregarded solely for purposes of determining whether a corporation owns an interest in a passthrough entity or CFC in applying certain scope limits under Rev.
The statute of limitations for issuing assessments for tax years ending before Dec.