Tax Year

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Dictionary Says

Definition of 'Tax Year'

The period of time which is covered by a particular tax return. Many firms simply use the calendar year as their tax year, however this is not always required. When a firm begins or ends operations, it often needs to file a tax return for a shorter time period than a full 12 months. During normal operations, a firm may elect different dates for its tax year in the same way that it may elect different fiscal years. This is typically a simple operation requiring only that certain forms be completed.
Investopedia Says

Investopedia explains 'Tax Year'

Changing the firm's tax year generally does not have any long-term effect on tax liabilities. However, changing the tax year may allow the firm to more efficiently compile the financial information required to complete tax returns. Strategically timing a tax year may also allow for better utilization of accounting resources where preparing the tax return can be made to coincide with a less busy portion of the year.
Search results for

'Tax Year'

  • 7 Ways To Avoid Self-Employed Tax Penalties

    http://www.investopedia.com/articles/tax/09/self-employed-avoid-tax-penalties.asp
    ... The interest for the 2009 tax year varied from annualized rates of 5% to
    6%, depending on the quarter. So if you underpay for the ...

  • Why You Should Itemize Your Tax Deductions

    http://www.investopedia.com/articles/tax/10/itemized-deductions.asp
    ... Because your property tax is paid in the next calendar year, it counts as a
    deduction for the 2012 tax year instead of the 2011 tax year. ...

  • Top Tax Refunds For Recent Grads

    http://www.investopedia.com/articles/tax/10/tax-refunds-for-grads.asp
    ... Don't miss Student Tax Breaks.) The Hope Education Tax Credit This is the original
    tax credit for education.It is no longer applicable past tax year 2008 with ...

  • Newlyweds? Tips For Filing Your Tax Return

    http://www.investopedia.com/articles/tax/10/file-taxes-couple.asp
    ... If you weren't married on the last day of the tax year for which you are filing,
    you can't declare yourself either married filing jointly or married filing ...

  • Saver's Tax Credit: A Retirement Savings Incentive

    http://www.investopedia.com/articles/retirement/04/031704.asp
    ... Eligible Taxpayers In order to be eligible for the saver's credit, an individual
    must be at least 18 years old by the end of the applicable tax year. ...

  • Traditional IRA Deductibility Limits For 2011

    http://www.investopedia.com/articles/retirement/03/011603.asp
    ... Contribution Limit For any tax year, you may contribute the lesser of the regular
    contribution limit or 100% of your taxable compensation (or earned income). ...

  • 10 Money-Saving Year-End Tax Tips

    http://www.investopedia.com/articles/pf/06/YearEndTax.asp
    10 Money-Saving Year-End Tax Tips. ... 90% of the taxes you will owe for the current
    tax year OR; 100% of the taxes you owed for the previous tax year. ...

  • "Temporary" Taxes That Stuck

    http://www.investopedia.com/articles/tax/10/temporary-taxes-that-stuck.asp
    ... The purpose of this tax was to increase the tax rate for higher income filers
    for a three-year period from tax year 2009 to tax year 2011. ...

  • Making Spousal IRA Contributions

    http://www.investopedia.com/articles/retirement/03/021903.asp
    ... IRA. You may contribute 100% of your compensation or the tax year's IRA
    contribution limit, whichever is less, to your IRA. Bear ...

  • Why Retirees Can't Count On Muni Bonds

    http://www.investopedia.com/articles/bonds/08/tax-equivalent-yield.asp
    ... Even if this tax estimating process occurs in November or December of a tax year,
    it will be too late to create much change in the tax-exempt income reported ...

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