Tax season vs tax year: What’s the difference?

Key Points

1. A tax year is a 12-month period for reporting income and deductions, typically Jan. 1 to Dec. 31 in the US, but varies by country (e.g., UK: April 6 to April 5).

2. Tax season is the period when tax returns are filed, usually lasting a few months; in the US, it runs from late January to April 15 for the prior year's income.

3. Different countries have varying tax years and filing deadlines (e.g., US, Canada follow the calendar year; UK, India use fiscal years).

4. Crypto tax rules generally align with the calendar year in the US and Canada but may have exceptions, such as specific reporting requirements for crypto transactions.

5. Some jurisdictions (e.g., Portugal, Singapore, Germany) offer low or zero crypto tax environments, attracting investors as of March 2025.