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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 14977  
Subject: Re: Help with Inventory and Books Date: 8/15/2012 12:57 PM
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Since I'm on a fiscal year from July 1 - June 30 set by the CA State Equalization Dept, does that affect when I file my Schedule C with the IRS? Or do I close the books quarterly or monthly or what? I'm having the hardest time thinking with the fiscal year.
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http://biztaxlaw.about.com/od/businessstartupsteps/f/fiscaly...

•Type of business. A sole proprietorship, or a business that is taxed as a sole proprietorship (single-member LLC, for example) must use a December 31 fiscal year-end to match the personal tax year end.


http://www.irs.gov/businesses/small/article/0,,id=98673,00.h...

If you file your first tax return using the calendar tax year and you later begin business as a sole proprietor, become a partner in a partnership, or become a shareholder in an S corporation, you must continue to use the calendar year unless you get IRS approval to change it or are otherwise allowed to change it without IRS approval.

Jean
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