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About fiscal year (definition)

A fiscal year (also known as a financial year) is a 12-month period used for calculating your company's yearly financial reports. Some states require financial reports once every 12 months, and don't require that the twelve months constitute a calendar year (i.e., January to December).

Many businesses use January as the first month of their fiscal year to coincide with their income tax year, which makes it easier to prepare their company's income tax statement. Your accountant can advise you if you decide to use a month other than January.

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