Calibration of the battery power meter only helps with the accuracy of the battery power meter. If that's important to you then calibrating once or twice a year will help. It will help especially in situations where the meter has drifted way off, like showing 2% battery life left and then going for another hour, or going from 10% to dead in a minute.
The two things that need calibrating are the actual charge measurement (usable energy stored in the battery) and the maximum charge corresponding to 100% (which decreases over the lifetime of the battery).
Since the power meter cannot measure the actual charge directly, it starts from a known charge and keeps track of discharge and charge flows over time, by measuring voltage over the battery terminals and current going in or out. This method is prone to systematic errors adding up and will eventually result in the power meter to be off significantly.
The maximum charge can only be estimated by the power meter from the service life of the battery (number of discharge cycles). The current assumed maximum charge can be queried.
Calibration allows the power meter to determine the real maximum charge, by discharging the battery to auto-shutoff point, establishing the 0% mark, and then fully charging it while counting the watt hours as they go in. On most devices full charge is reached a while after 100% battery charge is displayed, so let it sit on the charger for another hour or two. At this point the actual and maximum charge values will be the same, defining 100% charge. The charge indicator should now be reasonably accurate all the way from 100% down to 0%. Until it drifts again.
None of this will improve the actual battery life, if anything, it'll stress the battery by discharging it to shut-off point. So don't calibrate obsessively every month.