For tax purposes, the correct reference for a 52-53-week
tax year is to the end oi the year, not the beginning (or first day) of the year; for example, adopting a
tax year beginning the first Friday in January is not a proper year.
Note: Unused nonrefundable personal credits cannot be carried to another
tax year.
Under the proposed procedure, a taxpayermay report in taxable income either (1) the full amount of advance payments in the year received (the full-inclusion method) or (2) such payments in the year received, to the extent included for financial-reporting purposes, with the remainder reported in the next succeeding
tax year (the deferral method).
In most cases retirement plans must be set up by October of the
tax year or related fiscal year, but SEP-IRAs offer flexibility for small business owners who want to beef up their deductions for the prior year.
In effect, once a
tax year is included in a global netting computation, the netted interest amount would be reflected and would generally not be subject to future adjustment.
That way, you can deduct one more month of mortgage interest in the 1996
tax year.
You and/or your spouse's personal participation in the operation of your woodland activity constitutes substantially all of the participation (including that of all other individuals) for the
tax year.
Form 4868 Automatic Extension to File -
Tax Year 2006
If the
tax year with the least aggregate deferral produces a difference in aggregate deferral less than 0.
The basic standard deduction for joint returns will be twice the basic standard deduction for single returns for
tax years 2004-10, instead of dropping to 174 percent of what singles pay.
Timeliness issues: A taxpayer can make contributions by the return due date (without extensions) for the
tax year of the contribution.
When would it be appropriate for the Service to net interest globally for a particular
tax year or period?
