Fiscal Year

Fiscal Year

A Fiscal Year (or financial year, budget year) is a period used for calculating annual (financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (that is, 1 January to 31 December). Fiscal years vary between businesses and countries. The fiscal year may also refer to the year used for income tax reporting.

Overview

The fiscal year end (FYE) is the date that marks the end of the fiscal year. Some companies choose to end their fiscal year such as at the end of a major project; however, most fiscal year ends are close to the end of the calendar year. Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax.

Fiscal Year in Different Countries

Different countries have different fiscal year periods, such as:

• United States: 1 October – 30 September for the federal government; for states and local governments, fiscal years can vary.
• United Kingdom: 6 April – 5 April for personal tax years; 1 April – 31 March for corporation tax years.
• Canada: 1 April – 31 March for the government and the personal tax year; 1 January – 31 December is permitted as the fiscal year for corporations and other businesses.

See Also

• Accounting period
• Tax year
• 4–4–5 calendar

External Links

• Fiscal Year (FY) - Investopedia
• Topic No. 441 When Do I Have to File My Tax Return? - IRS

Fiscal Year Resources
Latest articles Most recent articles Ongoing trials	Wikipedia