If changed the service i provide do i need to have 2 different fiscal years for both? and does the one i changed have to have an end fiscal to when i changed my service?

i started my business in may as child care, but the was not working out, so i change my business to landscaping in november. all under the same business name. so does my day care business have a fiscal year of may/18 with and end of oct 31/18. then my new one business fiscal start nov1 and ends dec 31.?

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Moderator

Oct 30, 2019 8:58:42 PM

Yes, you would need to put different fiscal years on your businesses. You would put the May 18 to Oct 31 date on your child care business, and make sure that you indicate that it was the last year this business operated. Use the Nov. 1 to Dec 31 date for your landscaping business, and indicate that you started it in 2018.

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If changed the service i provide do i need to have 2 different fiscal years for both? and does the one i changed have to have an end fiscal to when i changed my service?