To make a fiscal calendar, choose a start date and consider all business implications, reports the Houston Chronicle. Individuals and businesses that operate under a fiscal year start their year on the first day of any month except January, states QuickBooks.Continue Reading
A fiscal year start date must coincide with the period to file taxes, mentions the Houston Chronicle. The fiscal year start date also impacts the requirements for quarterly and annual filing. For a fiscal year calendar, choose a start date in any month other than January and then note the quarter end dates after every third month.
Note all important tax filing dates on a fiscal year calendar. For individuals, the 15th day of the fourth month after the end of the fiscal year is the relevant tax filing date, reports TaxAct. File your individual tax return in conjunction with your business tax return if operating as a sole proprietorship, states the Houston Chronicle. In other words, if filing a business under a fiscal year, file your individual tax returns on the same dates instead of the standard dates set forth by the Internal Revenue Service.
Other dates to consider on a fiscal year calendar are withholding dates for employee income taxes, Social Security taxes, Medicare taxes and federal unemployment taxes, states the Houston Chronicle. If operating with more than 10 employees, consider paying quarterly taxes.Learn more about Investing