OMG – Tax Day is Coming
Tax Day – two words we all dread. Tax Day is the day on which individual income tax returns must be filed with the federal government.
Since 1955, Tax Day has typically fallen on April 15; for those filing a U.S. tax return but living outside the United States and Puerto Rico, Tax Day usually falls on June 15, thanks to the two-month IRS automatic extension granted to filers. While a good tax accountant can save you money, shopping for a good car insurance policy can also save you more of your hard-earned bucks.
When April 15 falls on a Friday, tax returns are due the following Monday; when April 15 falls on a Saturday or Sunday, tax returns are due the following Tuesday. Tax Day is not a federal public holiday in the United States, though many residents consider it a “national day of mourning”. Schools, post offices, stores and other businesses and organizations are open as usual.
Holidays observed in the District of Columbia affect the entire country, not just in D.C. In 2007, a storm and flooding affected the Northeast and certain states were granted additional time to file. In 2011, Emancipation Day, a holiday in Washington, D.C., was celebrated on Friday, April 15; the federal tax deadline was extended to April 18.
Income tax fast facts
- 1861 – Income tax was first introduced in the United States.
- A rate of three percent was charged on incomes above $800 per year and the resulting proceeds were used to help fund the American Civil War effort.
- 1872 – Income tax was seen as unconstitutional and the law was repealed.
- 1894 – Tax on personal income, at a rate of two percent, was reintroduced in the Revenue Act of 1894.
- 1913 – The “Sixteenth Amendment” to the Constitution was ratified; cleared the way for the U.S. income tax system.
- 1913 – Filing deadline for individuals was March 1.
- 1955 – Filing deadline changed to April 15.
- If the 15th falls on a Saturday, Sunday or holiday, taxes are due on the first succeeding day that is not a Saturday, Sunday or holiday.
While you may be limited as to changing the amount of taxes you have to pay, your opportunity to save money on your car insurance is only a phone call away.