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| Accounting Periods and Methods |
| Accounting Periods and Methods
Each taxpayer (business or individual) must figure taxable income on an annual accounting period called a tax year. The calendar year is the most common tax year. Other tax years are a fiscal year and a short tax year. |
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tax , taxpayer , income , accounting , year |
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| Federal |
| Different business structures (sole proprietorship, partnership, corporation, or limited liability company) have different income tax requirements regarding filing dates, forms required, and tax rates and calculations. |
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federalincometax , tax |
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| INCOME STATEMENT |
| Known also as the profit and loss statement, the income statement shows all income and expense accounts over a period of time. That is, it shows how profitable the business is. |
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incomestatement , income |
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| Tax Years |
| Tax Years
You must figure your taxable income and file an income tax return based on an annual accounting period called a tax year. A tax year is usually 12 consecutive months. There are two kinds of tax years. |
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Tax , year , income , fiscal , calendar , yearly |
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