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Simple English definitions for legal terms
calendar year
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A quick definition of calendar year:
A calendar year is a period of time that lasts for 12 months, starting on January 1st and ending on December 31st. It's a way of measuring time that helps people keep track of important dates and events. A fiscal year is another type of year that some companies use for accounting and tax purposes, but it can start and end on different dates than a calendar year.
A more thorough explanation:
A calendar year is a period of twelve months that begins on January 1st and ends on December 31st. It is also known as a year.
For example, if you are talking about the year 2022, you are referring to the calendar year that starts on January 1st, 2022, and ends on December 31st, 2022.
A calendar year is different from a fiscal year, which is a period of twelve months that a company or organization uses for accounting purposes. A fiscal year can start on any date, not just January 1st.
For example, a company might have a fiscal year that starts on October 1st and ends on September 30th. This means that their fiscal year is different from the calendar year.
A tax year is another example of a period that is different from the calendar year. It is the period used for calculating income tax liability, and it can be either the calendar year or a fiscal year that ends on a date other than December 31st.
For example, if you are filing your income tax return for the year 2022, you can use either the calendar year (January 1st, 2022 to December 31st, 2022) or a fiscal year that ends on a date other than December 31st, 2022.