Q: How do I figure out what fiscal year to use for my practice?
A: The fiscal year of a business is its financial year. At the end of the fiscal year, the books are "closed" and a new year begins. At this time, profit and loss is determined for tax purposes. Since your business will most likely be tied to your personal taxes, keep it simple and use a calendar year (Jan 1 to December 31) as the fiscal year for your business.
More information about this and other financial topics is availale in Planning for Practice Success.
