For most people, the tax year is the same as the calendar year. The tax year ends on December 31. There are two types of tax years: the fiscal year and the calendar year.. The tax year is the yearly period used for calculating taxes. It usually runs from January 1 to December 31, but it can end on a different date depending on the type of tax.
How do I change my tax year end? If you are a sole proprietor, you can change your tax year by filing a Form 1040-ES, Estimated Tax for Individuals, for the new tax year. Include a statement explaining that you are changing your tax year. If you are changing your tax year to a 52-53-week tax year, attach a statement to your return for the first year of the new tax year explaining why the change is necessary.
If you are changing your tax year and you are not a sole proprietor, you must get the consent of the IRS by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year. What period is the 2021 tax year? The 2021 tax year is the calendar year from January 1, 2021 to December 31, 2021. For individual taxpayers, this is the tax year used to report income on the 2021 Form 1040. How long is tax season? The tax season is the period of time during which taxpayers file their annual income tax returns. The season generally runs from January 1 to April 15, but there may be some variations depending on the year. What is the difference between a fiscal period and a fiscal year? A fiscal period is a set period of time over which a company reports its financial results. A fiscal year is a 12-month period used by businesses and governments for financial reporting.
What period is the 2022 tax year? The tax year for individual taxpayers is the calendar year, which runs from January 1 to December 31. The tax year for businesses is generally the fiscal year, which can run from January 1 to December 31 or from any other date set by the business. The tax year for trusts and estates is the fiscal year, which runs from January 1 to December 31.