Get For Calendar Year 2007 Or Tax Year Beginning , 2007, Ending See Separate Instructions - Irs

Calendar year – 12 consecutive months beginning January 1 and ending December 31.

Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.

Total return for calendar year. The profit or loss realized by an investment at the end of a specified calendar year, stated as the percentage gained or lost per dollar invested on January 1.

Under the IRS 12-month rule, a taxpayer can deduct a prepaid expense in the current year if the rights or benefits for the taxpayer do not extend beyond the earlier of: 12 months after the right or benefit begins OR. The end of the tax year after the tax year in which payment is made.

Key differences between fiscal year vs calendar year A calendar year always begins on New Year's Day and ends on the last day of the month (Jan. 1 to Dec. 31 for those using the Gregorian calendar). A fiscal year can start on any day and end precisely 365 days later.

* The IRS does not allow electronic filing of prior year tax returns, and the deadline for 2007 electronic filing has passed on October 15, 2008. You may still prepare your 2007 taxes using our website.

Calendar Tax Year: This is a period of 12 consecutive months beginning January 1 and ending December 31; or. Fiscal Tax Year: This is a period of 12 consecutive months ending on the last day of any month except December.

File Form 1128 to request a change in tax year. Partnerships, S corporations, personal service corporations (PSCs), or trusts may be required to file the form to adopt or retain a certain tax year.