New Business Tips

 

Are you starting a new business?  You will be making many choices when setting up your business, here are two things to consider:

  • Choose a tax year. A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:
  • Calendar year: 12 consecutive months beginning January 1 and ending December 31.
  • Fiscal year: 12 consecutive months ending on the last day of any month except December.

Contact us at Jellison CPA if you have questions about tax years or EIN numbers.