The U.S. government's fiscal year begins on October 1 of the...

The U.S. government's fiscal year begins on October 1 of the previous calendar year and ends on September 30 of the year with which it is numbered. Prior to 1976, the fiscal year began on July 1 and ended on June 30. The Congressional Budget and Impoundment Control Act of 1974 stipulated the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the "transitional quarter" from July 1, 1976 to September 30, 1976. As stated above, the tax year for a business is governed by the fiscal year it chooses.[17]

For example, the United States government fiscal year for 2012 ("FY 2012" or "FY12") is as follows:

1st Quarter: October 1, 2011 - December 31, 2011
2nd Quarter: January 1, 2012 - March 31, 2012
3rd Quarter: April 1, 2012 - June 30, 2012
4th Quarter: July 1, 2012 - September 30, 2012