How to know whether my business’s accounting period is a fiscal tax year or a calendar tax year?

An accounting period is the 12-month period a business uses for financial reporting.

• If your business’s accounting period ends on December 31, it is a calendar tax year.

• If your business' accounting period ends on any month other than December, it is called Fiscal Tax Year. For example

  • If your business’s accounting period ends on March 31, June 30, September 30, or December 31, it is a fiscal tax year.