taxable year

Definition of "taxable year"
  1. A specific duration, which could be the calendar or fiscal year, during which tax liabilities are calculated
How to use "taxable year" in a sentence
  1. The financial records showed that the company significantly increased its tax liability in the taxable year 2019.
  2. The Internal Revenue Service requires individuals and corporations to submit their tax returns annually, based on their taxable year.
  3. John needs to calculate his tax obligations before the end of the taxable year.

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