Tax years

[Lizzy Liz]

→  financial year

[Magaret]

any twelve-month period at the end of which tax is calculated on income during that period. The tax year can start in different months, depending on the country or organization:

[Gregory]

A tax year is the 12-month calendar year covered by a tax return. In the U.S., the tax year for individuals runs from Jan. 1 to Dec. 31 and includes taxes owed on earnings during that period.