Budget Year

does it matter when I start my business, for calculating the financial year?

I want to start business now (week of March 9th) so how will this affect my financial year and the period I need to declare tax for? Is it okay to start my business anytime I want without their being complications? Thanks in advance

Public Comments

1. Yes, you can start whenever you like. When you do your taxes at the end of the year, you will fill out a schedule C income and expenses unless you are starting a bigger business. In this case, you will be paying taxes quarterly. Be sure to get with an accountant and tax advisor if it is a bigger business. Good luck in your venture.
2. You can set whatever fiscal year you want. Normally a business using a fiscal year will set it on the month where inventories are the lowest or the month after the busy season ends.