Understanding the distinction between tax season and tax year is crucial for managing deadlines and avoiding penalties.
When filing taxes, understanding the tax season and year is crucial for staying compliant and avoiding penalties. A tax year is the 12-month period in which your income, deductions and credits are recorded for tax purposes.
This period is essential because it defines the timeframe for calculating all your earnings and tax liabilities. In many countries, the tax year aligns with the calendar year, which runs from Jan. 1 to Dec. 31, but this is not always the case. Some countries and businesses may follow a fiscal year, starting and ending on different dates.
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