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Fiscal Year vs Calendar Year: What’s Best For You?

Fiscal Year vs Calendar Year: What’s Best for You? by Vincent Russo

The fiduciary of an estate may use either the calendar year or the fiscal year as the “taxable year.”

Typically, most fiduciaries elect to use a fiscal year because it gives them more time. A calendar year ends December 31st, whereas the fiscal year begins on the day of the individual’s death and ends on the last day of the month prior to the one year death anniversary. For example, if the decedent died on any day in March of 2015, his or her estate’s fiscal year would end February 28th, 2016.

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