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Simple English definitions for legal terms

taxable year

Read a random definition: communis opinio

A quick definition of taxable year:

A taxable year is a period of time used for calculating how much money someone or a company owes in taxes. It can be either a calendar year, which is from January 1st to December 31st, or a fiscal year, which is any 12-month period that a company chooses. The tax year is important because it determines when taxes are due and how much someone owes.

A more thorough explanation:

A taxable year is a period of time used for calculating income tax liability. It can be either a calendar year, which is twelve consecutive months starting on January 1st and ending on December 31st, or a fiscal year, which is a 12-month period ending on the last day of any month other than December.

For example, a company may have a fiscal year that runs from October 1st to September 30th. This means that their taxable year for income tax purposes would be from October 1st of one year to September 30th of the next year.

Individuals and businesses must file their tax returns based on their taxable year. This means that they must report all income earned during that period and calculate their tax liability accordingly.

For instance, if an individual's taxable year is the calendar year, they must report all income earned from January 1st to December 31st of that year on their tax return.

taxable gift | tax accounting

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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