The end of the financial year is marked by the conclusion of a 12-month accounting period, commonly March 31, June 30, or December 31, depending on the jurisdiction and organization. It is a critical milestone for closing books, finalizing tax liabilities, reporting financial performance, and preparing annual financial statements.
Intuitively, you may expect it to line up with the calendar year, finishing on the 31st of December. Instead, it's smack-bang in the middle of the year. The 2024/25 financial year finished June 30th 2025, and the new financial year (2025/26) began on July 1st 2025.
Calendar year – 12 consecutive months beginning January 1 and ending December 31. Fiscal year – 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.
Fiscal years are named using the year when the period ends. For example, the US federal government fiscal year starts on October 1, 2024 and ends on September 30, 2025, this is referred to as FY25. Read more on how you can get prepared for the end of fiscal year.
In the United States, the fiscal year of the federal government begins 1 October and ends 30 September the following year. The current fiscal year is the fiscal year 2026 and is abbreviated FY26 or FY2025-26. It began 1 October 2025 and will end on 30 September 2026.
If you don't file your tax return by the October 15 extension deadline, the IRS charges a failure-to-file penalty of 5% per month (up to 25%) on unpaid taxes, plus a failure-to-pay penalty (0.5% per month), and interest on the total amount due, potentially leading to significant costs, though you can request penalty abatement for reasonable cause, and if you're owed a refund, you generally won't face penalties but risk losing your refund if you wait too long (usually over 3 years).
The vast majority of companies choose December 31 as the fiscal year end and if you want to use a different date, be sure to check with tax and accounting advisors.
30 Jun – Prepare for end of financial year and wrap up your books for the 2025/26year.
For example, Fiscal Year 2026 runs from July 1, 2025 – June 30, 2026. Each fiscal year is further broken down into segments called "fiscal periods."
You generally have to file a 2025 federal income tax return if your gross income is at least as much as your Standard Deduction for the year. The deadline for filing 2025 federal tax returns is April 15, 2026. You can get a six-month extension to October 15, 2026, but it doesn't extend the time to pay any taxes owed.
But if you (are a crazy person and) decide to change your fiscal year end, here's how to do it for Federal tax purposes: IRS approval is required to change your tax year end, but under certain circumstances, a C-corporation can change tax year end under automatic approval procedures.
That means your take home pay will be $55,383 per year, or $4,615.25 per month. Your average tax rate is 20.88% and your marginal tax rate is 32.5%.
For the current period, the 2025-26 financial year in Australia begins on 1 July 2025 and concludes on 30 June 2026.
The tax year runs from 6th April until 5th April the following year.
Countdown to America's 250th Anniversary. On July 4, 2026, America will celebrate the most important milestone in our country's history—250 years of American Independence.
Predictions for November 13, 2026, center on a humorous but outdated "doomsday" date from a 1960 scientific article, von Foerster's equation, which calculated when human population growth would reach infinity, but modern data shows this model is incorrect, with events like the 2026 FIFA World Cup and America's 250th anniversary being actual events scheduled for 2026.
For example, since 1 March was a Friday in 2024, a Saturday in 2025, will be a Sunday in 2026, and a Monday in 2027, the date will then "leap" over Tuesday to fall on a Wednesday in 2028.
Although we expect investment to remain relatively strong in the next few years, the growth rate is expected to moderate from 4.4% in 2025 to 4% in 2026. Similarly, real consumer spending is expected to be stronger in the near term, thanks to AI-driven gains in equity prices.
What is India's Current Financial Year? India's current financial year is FY 2025-26, lasting between April 1, 2025, and March 31, 2026; therefore, all earnings, expenses, and investments that occur between those dates will be recorded in this particular tax and business filing period.
Lodge your tax return
Make sure your income and deductions are correctly reported to calculate your taxable income and determine your tax liability or refund. Many regulatory and tax changes occur at the end of the financial year. These might include changes in tax law and deductions or concessions for small business.
In FY 2025 total government spending was $7.01 trillion and total revenue was $5.23 trillion, resulting in a deficit of $1.78 trillion, a decrease of $41 billion from the previous fiscal year.
Washington, D.C. – Today, the House of Representatives passed H.R. 7006, the Financial Services and General Government and National Security, Department of State, and Related Programs Appropriations Act, 2026 , with a vote of 341 to 79.
The last paycheck dated in December is included in that year's W-2 earnings. The first paycheck in January is included in the new year's W-2 earnings. After you prepare those forms, you must send them to your employees and the Social Security Administration by January 31.