The Tax Year Trap
Every new business must establish its tax year, which is an annual accounting period. The either/or dilemma is often between choosing a convenient year-end vs. adhering to the legal requirements based on your bookkeeping. A Sound decision requires compliance with the rules.
Your tax year is typically a 12-month period that can be a calendar year or a fiscal year. The critical Sound rule is: If you keep no books, you are required to use a calendar year. Choosing your tax year is part of establishing a Sound structure for growth and compliance.
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DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.