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Simple English definitions for legal terms
fiscal year
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A quick definition of fiscal year:
A fiscal year is a period of 12 consecutive months used for accounting purposes. It may or may not coincide with the calendar year, which is the 12-month period from January 1 to December 31. The fiscal year is often used for tax purposes and can end on any day of the year, unlike the calendar year which always ends on December 31.
A more thorough explanation:
A fiscal year is a period of 12 consecutive months used for accounting and financial purposes. It is often different from the calendar year, especially for tax purposes.
- The company's fiscal year is from October 1 to September 30.
- The government's tax year can be either the calendar year or a fiscal year of 12 months ending on the last day of a month other than December.
These examples illustrate how a fiscal year can be different from the calendar year and how it is used for financial and tax purposes.