Fiscal Year Vs Calendar Year Tax. For tax, accounting, and even budgeting purposes, it’s important to know the difference between a fiscal year vs calendar year. The two main types of tax years for an organization are the calendar tax year and the fiscal tax year.

Here’s what you need to know about the differences between fiscal, calendar, and tax years, as well as some important tax filing deadlines. Fiscal years allow you to reduce your tax burden by spreading income and expenses over the same sales cycle.