Tax Day Overview
Tax Day is nearing, signaling the deadline for Americans to file their tax returns. Taxes must be filed and paid by this date in the United States. Typically, it falls on April 15, though it can fluctuate slightly if that date lands on a holiday or weekend. This year, April 15 is Tax Day for most Americans, except those in Maine or Massachusetts, who have until April 17 due to Patriots' Day and Emancipation Day holidays, according to the IRS.
Filing Methods and Preparation
Taxes can be filed electronically or by mail. Electronic submission ensures faster receipt of refunds and is the quickest way to get information to the Internal Revenue Service. For mail filings, the envelope must be postmarked by the due date. Ensure all documentation is gathered and submitted before the deadline to avoid fees.
Penalties for Late Filing
Failure to pay taxes on time results in a Failure to File penalty from the IRS. This penalty equals 5% of unpaid taxes for each month or part of a month the return is late, not exceeding 25% of unpaid taxes.
History of Tax Day
The first federal income tax was introduced in 1862 by Abraham Lincoln to fund Civil War expenses, according to the IRS. The first official Tax Day occurred in 1913 with a March 1 due date, per the Library of Congress. In 1954, the deadline for individual returns was set to April 15, which remains the standard. Date shifts provide extra time for filers to gather information, accountants to assist, and the IRS to process returns.
Requesting Tax Extensions
If unable to file by Tax Day, apply for a tax extension. The request must be filed by Tax Day to be granted, extending the deadline through October 15, according to the IRS. Use Form 4868, submitted by mail, online, or through a tax professional.
