taxable year

taxable year
The 12-month period an individual uses to report income for income tax purposes. For most individuals, their tax year is the calendar year. Bloomberg Financial Dictionary

Financial and business terms. 2012.

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  • taxable year — n: a period of time used as the basis of tax computation that is usu. the annual accounting period of a calendar year or fiscal year – called also tax year; Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. taxable year …   Law dictionary

  • taxable — Subject to taxation; liable to be assessed, along with others, for a share in a Something of value, subject to assessment, and to be levied upon and sold for taxes. Williams v. School Dist. No. 32 in County of Fremont, 56 Wyo. 1, 102 P.2d 48, 52 …   Black's law dictionary

  • year — The period in which the revolution of the earth round the sun, and the accompanying changes in the order of nature, are completed. Generally, when a statute speaks of a year, twelve calendar, and not lunar, months are intended. The year is either …   Black's law dictionary

  • Taxable income — is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual s (or corporation s) gross income, adjusted for… …   Wikipedia

  • year — [jɪə, jɜː ǁ jɪr] written abbreviation yr noun [countable] 1. also calendar year the period of time beginning on January 1 and ending on December 31: • The Small Business Administration arranged 55,000 small business loans last year. 2 …   Financial and business terms

  • taxable income — Gross income less a variety of deductions. Bloomberg Financial Dictionary A tax term. Defined as total income in the year (excluding tax free income) less all allowances available at the marginal rate. The major allowances which are deducted from …   Financial and business terms

  • Taxable Income — The amount of income that is used to calculate an individual’s or a company’s income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments that… …   Investment dictionary

  • Taxable Event — Any event or transaction that results in a tax consequence for the party who executes the event. Common examples of taxable events for investors include receiving interest and dividends, selling securities for a gain and exercising options.… …   Investment dictionary

  • Taxable Gain — A profit on the sale of an asset that is subject to taxation. Such gains are subject to capital gains tax, under which rate and application differ from country to country and from asset to asset. Taxable gains are generally realized from the sale …   Investment dictionary

  • taxable profits — The profits on which a company calculates its corporation tax charge for a year. Note that the definition of taxable profits is not the same as accounting profits before tax. The reason for this is that the company has considerable flexibility in …   Financial and business terms

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