Taxable Year
/ˈtæk.sə.bəl jɪər/
Definitions
- (n.) The annual accounting period for tax purposes used to compute taxable income and determine tax liability.
The corporation elected a fiscal year as its taxable year for IRS reporting.
Forms
- taxable year
- taxable years
Related terms
See also
Commentary
The choice of taxable year can affect tax timing and compliance; businesses often select a fiscal year differing from the calendar year for specific accounting strategies.
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.