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Corporate Year End Explained: Maximize Profits & Minimize Taxes! #shorts

5 Nov 2024 · 1 min

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A short YouTube explainer by Bob Gauvreau defining a corporate year end as a chosen 12‑month reporting period (e.g., calendar-year December or fiscal-year June 30) during which a corporation prepares financial statements — profit & loss, assets, liabilities, statement of equity — and files corporate tax returns reporting those activities to the government.

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What is a corporate year end? A corporate year end is essentially first off, you're a corporate entity. So really what it is a chosen 12 month period of time where reporting is required, whether it's December or June 30th. A corporate year end is that 12 month period of time where we have to do reporting of the profitability, assets, liabilities and equity that was involved in that change during that period of time. So this corporate year end usually involves financial statement preparation, assets liabilities, statement of equity, and then that is included as part of a corporate tax filings. So we remit to the government all of the activities that happen during that period.