Tax Year
/ˈtæks jɪər/
Definitions
- (n.) A fixed period of twelve months used for calculating taxable income and tax liability, often aligning with a calendar or fiscal year.
The corporation must file its returns based on the tax year ending December 31.
Forms
- tax year
- tax years
Related terms
See also
Commentary
The tax year is a fundamental concept in tax law, defining the timeframe for reporting income and deductions; it may differ from the calendar year depending on jurisdiction or taxpayer choice.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.