GraceNY Posted October 6, 2015 Report Share Posted October 6, 2015 Taxpayer died on 02/28/2015. Fiscal Year begins on the date of death 02/28/2015?Which makes the longest fiscal year end date 01/31/2016? Thanks.Grace Quote Link to comment Share on other sites More sharing options...
SaraEA Posted October 6, 2015 Report Share Posted October 6, 2015 Exactly right. First return will be due May 15, 2016. 1 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted October 6, 2015 Report Share Posted October 6, 2015 You might be better off using calendar year because the 1099s are calendar year. I always default to calendar year at first and switch to fiscal year if it works out better. 4 Quote Link to comment Share on other sites More sharing options...
Catherine Posted October 6, 2015 Report Share Posted October 6, 2015 I also prefer using a calendar year if at all possible. However, if it's likely things will wrap up in less than a year, sometimes fiscal works best. In your instance, fiscal vs calendar is only offset by a month so unless there are very unusual circumstances, go for the calendar year. 3 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted October 9, 2015 Report Share Posted October 9, 2015 (edited) Calendar year can be a powerfull tool for timing expenses to income. Also keep in mind the option to elect accrual method of accounting. Edited October 9, 2015 by DANRVAN 2 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.