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I have a form with a "Valid to" date field. This field represents the date in which something will expire.

Should the "Valid to" date be inclusive or exclusive? E.g. Valid to = 04.02.2020. Should it be valid until 03.02.2020 23:59:59,999? Or until 04.02.2020 23:59:59,999

Is there best practices or regulations for expiration dates wording? "Valid to", "Valid thru", "Valid until", "Expiration date" or something else...?

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You're correct to think that it may be misunderstood. In cases such as these, adding a little bit extra to the label can help clarify the intent.

Date input with help text specifying "end of day"

The word "through" (or the informal abbreviation "thru") hints towards being inclusive of the date entered. In addition, to address the issue of ambiguity with dates entered via input fields, I'd suggest displaying the entered date in its long form near the input. This would give you a natural place to specify the "end of day" time as well.

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