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Fiscal Year

Definition - What does Fiscal Year mean?

A fiscal year is a designated year for tax and accounting purposes. The beginning of the fiscal year in the USA is October 1st and the end of the fiscal year is September 30th. Budgets are created around the fiscal year and taxes are filed based on the fiscal year accounts if the company did not choose the normal end of year (January 1st through December 31st). A company is legally obligated to report all earnings brought in during a fiscal year and pay taxes on all activities that have tax attached, such as income tax and employee-related taxes.

Justipedia explains Fiscal Year

All financial statements issued by a company will be in reference to the fiscal year time frame, as are government-spending issues.

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