Once you decide on the type of business entity, you will need to decide on your annual accounting period. Sole proprietors must choose a calendar year (January 1 through December 31). The other entities can choose a fiscal year. That means your operating year can start on the first on any month and goes through the last day of the twelfth month. That means, you could start your year on March 1 and end it February 28. You can change your fiscal year at any time by filing a form with the IRS.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.