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Chapter 8. Taxes: Don't Get Caught Aslee... > Deciding on Your Tax Year

Deciding on Your Tax Year

When you begin a business, you will need to decide on what tax year to use. A tax year refers to the accounting period used for your financial records, reporting income and expenses, and filing to the IRS. This means that you are going to keep a set schedule for your books and taxes for the year.

There are two types of tax years:


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