A tax year, “taxable” year is the annual accounting period that your CDA Idaho business uses for determining and reporting tax liability.
The two types are the Calendar Year and the Fiscal Year:
- A calendar year for tax purposes is: January 1 through December 31.
- A fiscal year is a tax year that ends at the end of any month except December.1
- Sole Proprietorship, always uses the calendar year.
Tax due dates:
- S Corporation & Partnership are due on September 15th (may change based on year).
- Individuals, Single Member LLC, Sole Proprietorships, and C Corporations are due on October 15th (may change based on year).
A Business Entity other than a sole proprietorship may use a fiscal year if it can establish a business purpose. This could be due to its natural business cycle other than a calendar year.
