Tax Day and “Tax Freedom Day” is April 15-18, 2015

Posted on April 18, 2015 by Dr. David Edward Marcinko MBA MEd CMP™

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More Time … More Pain!

[By Staff Reporters]

You get three extra days to file your taxes this year. They’ll be due this Monday, April 18th.

But, it’s not because of a previously announced processing delay that will prevent people who itemize their taxes from filing before mid- to late February, the IRS said Tuesday.

Instead, the bonus days come thanks to Emancipation Day, a little-known Washington, D.C., holiday that celebrates the freeing of slaves in the district.

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money-pie

[Tax Money Pie]

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What it Is?

In the United States; according to Wikipedia, Tax Day is a colloquial term for the day on which individual income tax returns are due to the federal government.[1] The term may also refer to the same day for states, even where the tax return due date is a different day.

Since 1955, for those living in the United States, Tax Day has typically fallen on April 15.[1] For those filing a U.S. tax return but living outside the United States and Puerto Rico, Tax Day has typically fallen on June 15, due to the two-month automatic extension granted to filers by IRS Publication 54.[2]

Due to Emancipation Day in Washington, D.C. (which is observed on the weekday closest to April 16), 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.

  • In 2014, Tax Day was Tuesday, April 15
  • In 2015, Tax Day was Wednesday, April 15
  • In 2016, Tax Day will be Monday, April 18
  • In 2017, Tax Day will be Tuesday, April 18

Assessment

Similarly, April 15th is the deadline for filing Income Tax Returns (ITR) in the Philippines.

“Tax Freedom” Day with Personal Calculator

Conclusion

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Tax Freedom Day is April 17th 2012

Posted on April 17, 2012 by Dr. David Edward Marcinko MBA MEd CMP™

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Working 107 days for Uncle Sam

By Children’s Home Society of Florida Foundation

Each day the Tax Foundation publishes the “Tax Freedom Day.” For this year, Tax Freedom Day will be on April 17, 2012. Based on averages of incomes and taxes, Americans will work 107 days from January 1 to April 17 to pay the combined 29.2% tax bill for federal, state and local taxes. If the budget deficit amount were paid for through taxes, Tax Freedom Day would be extended to May 14, an additional 27 days.

Varying Dates

Tax Freedom Day has typically arrived earlier during the past five years. The latest Tax Freedom Day was May 1, 2000, when the total tax revenue was 33%. Generally, because of tax reductions in the stimulus bill enacted in 2008, Tax Freedom Day has come earlier during the past four years.

State Taxes

Several states collect lower taxes and have an earlier Tax Freedom Day. These states’ Tax Freedom Day include Tennessee on March 31, Louisiana and Mississippi on April 1 and South Carolina on April 3rd. The highest tax state is Connecticut, with Tax Freedom Day on May 5. However, New Jersey and New York both celebrate Tax Freedom Day on May 1st. The Tax Foundation also estimates the number of days that you may work to pay taxes in these separate categories.

 

Tax   Category Days
Federal   Income 32
State/Local   Income 8
Fed.   Social Insurance 23
State.   Social Insurance 1
Fed.   Sales 2
State   Sales 12
Property   Taxes 12
Fed.   Corporation 9
Other   Fed. 3
State   Corp 1
Other   State 4

Editor’s Note: The Tax Foundation publishes these calculations each year. They are based on overall tax payment averages. Other publications have observed that the dates would change if the numbers were calculated based upon taxpayer income tiers. However, no other publication calculates Tax Freedom Days for low-income, mid income and high-income taxpayers.

Conclusion

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