Can a Fiscal Year End in January?
If year-end is July 31, the company will save corporate taxes immediately and you do not need to file this on your personal income statement until April 2015. This may give you a 15-month tax deferral of income tax, depending on your circumstances.
When to choose a year-end date for your business?
If you have just incorporated your business, you have to decide on a year-end date within the first 12 months of incorporating. It doesn’t have to coincide with the anniversary of your incorporation date, nor does it need to coincide with the end of the calendar year.
When does a tax year start and end?
A “tax year” is an annual accounting period for keeping records and reporting income and expenses. An annual accounting period does not include a short tax year. The tax years you can use are: Calendar year – 12 consecutive months beginning January 1 and ending December 31. Fiscal year – 12 consecutive months ending on the last day …
