Tax Guru – Ker$tetter Letter

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Corporate Fiscal Year

Posted by taxguru on May 19, 2005

Q:

Subject: Choosing A Fiscal Year
 
Hi,
 
I read your article on choosing a fiscal year, and, as a recently new (solo) owner of a Corporation (in the state of Delaware), I just was wondering what’s the best month to choose as the start of a fiscal year?
 
I literally just incorporated a week ago (May 12th, 2005).
 
Thanks for any helpful info,

 

A:

I just added some more info to my page on choosing a tax year that discusses the ideal month to use. 

If you do use the June 30 date, this will mean that your first tax return will be a very short year, from May 12, 2005 through June 30, 2005.  If that concerns you, you may want to opt for the next best choice, March 31.

Good luck.

Kerry Kerstetter

 

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