So that means that if their fiscal year ends on July 31, their return would need to be filed by October 15. It’s important to note that flow-through entities that use a fiscal year must have their return filed by the 15th day of the third month following the end of their fiscal year. It is important to note that these do not have to end on the last day of a month, but may instead end on the same day each year, such as the last Monday in June. Also, a fiscal year period could be between 52 to 53 weeks. An organization’s fiscal year could run September 1 of the current year through August 30 of the next year. While a fiscal year still consists of 12 consecutive months, the year does not necessarily have to begin on January 1 and end on December 31. April 15 is generally the deadline for C corporations that use a calendar year. Flow-through businesses including partnerships, limited liability companies, and S corporations that use a calendar year must file their returns by March 15. Understanding Right from LeftĬalendar years cover the entire 12 consecutive month period, starting January 1 and ending on December 31.
However, many businesses have dominating operating seasons that don’t always fall within a single calendar year, making the choice of fiscal year a better option. The choice is made easy but its intuitiveness and tends to line up with personal returns-this makes things simple and easy. It is common for organizations to use a calendar year, as opposed to a fiscal year, as the tax year calendar for their company.
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