Tax Day in United States

What is Tax Day? 

Tax season in the U.S. typically lasts from January 1st to April 15th each year to file and pay taxes for the previous year. 

Tax Day is the final deadline for filing individual federal tax returns and making tax payments. The filing deadline for residents' state income taxes is the same in most states that impose income taxes.

Tax Day is the traditional deadline for individuals and businesses to submit their income tax returns to the Internal Revenue Service (IRS) in the United States. 

The time is typically around April 15th. The IRS will extend the tax deadline if the day comes on a weekend or holiday or in other exceptional situations.

Tax Day - All Quick Overview

• Time / Date: April 15th, annually
• Category: Federal
• Where It’s Marked: The United States of America
• Why It’s Marked: The day celebrates the deadline for taxpayers to submit their income tax information to the Internal Revenue Service (IRS). 

History Of Tax Day

The income tax was first enacted in the United States of America in 1861. However, in 1872, the income tax Act was repealed due to legal concerns. The Revenue Act of 1894 revived the idea of a two percent tax on personal income, but it was still unclear what the law said about this type of tax. In 1913, the American Constitution's "Sixteenth Amendment" was approved.  

Since 1913, there have been significant changes to the system's specifics. Tax Day, or the filing deadline, was set for March 1st in 1913. However, it was transferred to April 15th in 1955 and March 15th in 1918, respectively, where it has stayed ever since. It paved the way for the current U.S. income tax structure.

The tax return deadline is extended until the next working day if April 15th falls on a Saturday, Sunday, or a legal holiday like Patriot's Day. Holiday extensions might only apply to particular states. Due to the massive Nor'easter storm that disrupted public life in numerous locations in 2007, citizens of some states received an extension.

How to Celebrate Tax Day

There is no particular tradition or custom to follow on Tax Day. But most Americans invest in themselves solely for tax filing purposes. Some steps you can follow are 

• Mark the date on your calendar.
• Complete tax filing.
• File electronically if possible if you anticipate receiving a refund.
• Save a copy of your tax return, as you might need it later.
• File for an extension if you require more time.
• To avoid a failure-to-file penalty if you miss the tax filing deadline, the IRS advises filing your late return as soon as possible.
• Post appreciation quotes for your fellow taxpayers on social media. 
• Offer to help your parents and any older adults with tax filing.
• Plan your day and start early, as chances are high that the streets will be swarmed with taxpayers on Tax Day!

Finally, be prepared for a deduction from your bank account! You begin recognizing the various methods to recoup your expenses, including mortgage interest, charitable contributions, and even unpaid training for a particular career. Planning for the following tax year can begin after you have a strategy.

Countries that Observe Tax Day

Tax Day is celebrated all across the United States of America on April 15th. However, many countries have different dates for tax filing deadlines. 

For instance, Brazil is due on April 30th, Australia on October 31st, Argentina on April 15th, Canada on April 30th, China on June 30th, and France on May through June (varies by zone).

Germany's deadline is July 31st (or December 31st if you have a tax professional handle your taxes); Hong Kong's deadline is one month after the issue date. Ireland on October 31st and India on July 31st (Mid-November if you file an electronic tax return).

Italy November 30th; Israel April 30th; Japan March 15th; Lebanon April 1st; Mexico April 30th). In the Netherlands, May 1st; in New Zealand, July 7th; in Pakistan, September 30th; in Singapore, April 15th; and in South Africa, as announced by the government each year.

May 2nd; South Korea: May 31st; Spain: June 30th; Switzerland: March 31st–April 30th (varies by the municipality); Taiwan: May 31st; the U.K. October 31st (or January 31st in case of electronic filing). 

Interesting Facts About Tax Day

• The world might have turned all digital, but to this day, only one in every five Americans uses technology for tax purposes! 19% of Americans use a tax preparation software tool (like TurboTax) to assist them in completing their tax returns.
• Tax filing is not horrible for all Americans. Some enjoy filing taxes! According to 7% of Americans, tax preparation is enjoyable. In addition to the 11% who say it worries them, 9% of people say they completely detest paying their taxes.
• Tax payment is often compared to forced health checkups! 
•  The Emancipation Day celebration in Washington, DC, in 2007 had the national effect of pushing back the due date for filing 2006 income taxes from April 16th to April 17th. The 2007 date change was not noticed until the government had already published many forms.
• While it is possible for taxpayers to request an extension, they must submit an estimated payment by the Tax Day deadline.

Unique Tax Day Celebration Ideas

Tax Day is America's annual financial headache day! Tax Day typically doesn't bring anyone much joy. However, there's no harm in attempting to improve on a terrible day! Let's look at some suggestions!

• Host a tax-themed supper where you can present prizes for the most original deductions or the person who will receive the most significant return as you go through all the paperwork. As we all know, friends shouldn't file taxes alone!
• Go for a drink after struggling for the whole day with tax filing. Do you know what the best drink to order would be? The income tax cocktail!
•  Promise yourself that you will start filing tax returns early next year!

Tax Day Quotes

“Our new Constitution is now established. Everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes.” - Benjamin Franklin.  

"Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things."- Adam Smith.