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 ?
Apolinario has not filed her income tax returns (ITRs) for taxable years 2012-2015 but filed an ITR for taxable year 2016 declaring an income of only PHP206,578.
The provisions concerning the exchange of information and the assistance in the collection of taxes will have effect from September 5, 2019, the date of entry into force of this Agreement, without regard to the date on which the taxes are levied or the taxable year to which the taxes relate.
The Court held that there is nothing in the law which prevents the taxpayer who originally opted for a refund or TCC to shift to the carryover of the excess creditable taxes to the taxable quarters of the succeeding taxable years. However, if the taxpayer decides to shift its option to carryover, it may no longer revert to its original choice due to the irrevocability rule.
Effective for returns for taxable years beginning after December 31, 2015, New York State C corporation returns will be due on the 15th day of the fourth month following the close of their taxable year (April 15 for calendar year taxpayers).
The federal accounting method change exception applies to taxable years beginning on or after Jan.
Calata, who is also the sole proprietor of Zeon Paint Service Center, was sued for his income tax liabilities for taxable year 2011.
(11y) For taxable years beginning after 2001, contributions to an ESA are not limited due to contributions made to a qualified state tuition program in the same year.
The unrecognized section 987 gain or loss for each year is based on the difference between the "owner functional currency net value" of the Section 987 QBU on the last day of the current taxable year and the "owner functional currency net value" on the last day of the preceding taxable year.
Effective for taxable years beginning on or after the enactment date, the liabilities, interest income, and interest expense of partnerships will be attributed proportionately to corporate partners for purposes of applying the general earnings-stripping rules.
(1) an item was included in gross income for a prior taxable year (or years) because it appeared that the taxpayer had an unrestricted right to such item;
The proposed and temporary regulations issued generally permit small business taxpayers to elect to deduct up to $100,000 of the cost of qualifying property purchased and placed in service in a taxable year beginning after 2002 and before 2006.
The Municipal Solid Waste Exemption provides protection from CERCLA liability for the following generators of municipal waste: Owners, operators, or lessees of residential property from which the municipal solid waste was generated or businesses that employ on average not more than 100 full-time individuals and that are small business concerns during the three taxable years preceding the date of notification of potential liability under CERCLA or organizations exempt from tax during the taxable year preceding the date of notification of potential liability that employed not more than 100 paid individuals at the location which generated the municipal solid waste.