When April 15 falls on a weekend or holiday, as it does this year and did last year, the IRS cuts you a break and gives you until the next business day to file your taxes. That means tax procrastinators won’t have to file until April 17, giving them two extra, frantic days to delay the inevitable.
As the AP notes, the traditional tax deadline of April 15 falls on a Sunday this year. April 16 is Emancipation Day — a D.C. commemoration of the freeing of the slaves — so Monday the 17th is when you’ll finally have to get your taxes done.
If you’ll need more time than that, you can file for a six-month extension with this form (PDF).
Tax filing deadline extended to April 17 [AP via MSN Money]
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Somewhat ironic that Tax Freedom Day pretty much coincides with Emancipation Day.
Don’t we technically get three extra days, since 2012 is a leap year?
+3
LOL I came here to post that… yes we get 3 extra days…
however… most people I know get refunds and have the ez’s to fill out
essentially – as soon as I get my tax returns, I’m on turbotax.com to fill out my info and get direct deposit sometime in feb….
I’m still astounded at how many people can’t their taxes done… but I guess that’s the price you pay for getting married/breeding/owning a business/or trying to cheat the system.
I generally do mine as soon as I get all my paperwork, in order to get the refund right away.
Yeah, yeah. “You should adjust your witholding!!”
I’ve done the calculations. At current interest rates, I am losing about $15 in interest by giving the gubmnt the ‘free loan.’ To me, it’s worth that to, A) not be surprised with a tax bill in April, and B) have a large sum that I can instantly put aside towards vacations, college fund, and emergency fund.
I’ve also given the advice here to take $200 of your refund and put it in your checking account and make $200 your new zero point. You might save a lot of that in accidental overdrafts. You might save more than that if you are prone to them.
I would love to get ours done in a timely fashion, but my husband’s accountant doesn’t get his business paperwork done until like April 1. It’s irritating.
I believe services like TurboTax allow you to schedule the payment to be sent on Tax Day.
I don’t see how this relates.
Whoops. I didn’t fully read the comment, and for some reason, I thought you were referring to the fact that you lose money by paying your taxes owed from your return earlier. Disregard.
No problem. Thought it might have been meant as a reply to another comment, or what I wrote was confusing in a way I wasn’t seeing.
The other negative is that your crazy Uncle Sam has extra cash in his pocket all year and will probably find something to spend it on.
Probably some of these:
http://www.amazon.com/gp/product/B000MVE52Q/ref=as_li_ss_tl?ie=UTF8&tag=donkeyelephant-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=B000MVE52Q
Monday the 17th of what year? April 17, 2012, is a Tuesday according to the calendar I have.
Mine too….course the article so clearly states April 15th is a SUNDAY…so logic means…no wait I give up….still waiting for a copy editor
Oh yeah, since the article mentioned that, like last year, April 16th is a holiday in Washington, DC.
Cue anti-tax zealots.
“Doesn’t affect me since it’s not in the Constitution”
“I mean the real Constitution, not that fake one with the Amendments that don’t actually exist.”
This year will be a messy one for me:
1) I moved mid year so I have to file state income tax in 2 states
2) I now own a rental property
3) I once again have a mortgage
4) I have to declare income I received as an independent contractor in addition to my day job
On the plus side, hopefully I will not owe as much this year…possibly time to adjust my witholdings again.
Yes, that’s pretty messy. Hopefully you have a good accountant to deal with that.
I had to deal with that last year – 1099, job 1, unemployment, job 2. Was a pain in the rear. Luckily I only have one job this year, and don’t qualify for more than the standard deduction, so I might be able to get away with a 1040EZ.
I have to deal with #4 as well. Thank God my sweetie works for the gubmint. He can help me.
Actually, last year there was a little bit of the contractor income in December, so filing should be exactly the same. The only thing that will change is the amount. But I know I’m going to have to pay. I haven’t gotten a refund in several years.
I have to deal with #4 as well. Thank God my sweetie works for the gubmint. He can help me.
Actually, last year there was a little bit of the contractor income in December, so filing should be exactly the same. The only thing that will change is the amount. But I know I’m going to have to pay. I haven’t gotten a refund in several years.
I have to deal with #4 as well. Thank God my sweetie works for the gubmint. He can help me.
Actually, last year there was a little bit of the contractor income in December, so filing should be exactly the same. The only thing that will change is the amount. But I know I’m going to have to pay. I haven’t gotten a refund in several years.
I got married last year so I’m a little worried. The house is in his name but has done some energy efficient renovations. There’s way more than I’ve ever had to deal with for filing. I’ve never owed, always got some back from student loan interest, but last year he went into a higher tax bracket and had to pay. From what I’ve read with our combined incomes we’re still in my tax bracket and he comes back down from the next level up.
It you make very different incomes, you might take advantage of the “marriage bonus” by dragging his income back to the lower brackets. It’s not talked about as much as the marriage penalty, but it does exist in some situations (example: you make $15,000 and your spouse makes $150,000).
That’s what I think will happen, or I hope rather because that would drag me up into his bracket and I’d end up owing.
If your incomes are substantially different, it’s very likely that you’ll end up owing less as a married couple than as two single people. That’s not a 100% guarantee due to some wrinkles, but a good chance.
For example, the brackets for single people are:
10%: $0 – $8500
15%: $8501 – $34,500
25%: $34,501 – $83,600
(there are also higher brackets, but let’s keep the example relatively simple)
and for married:
10%: $0 – $17,000
15%: $17,001 – $69,000
25%: $69,001 – $139,350
(again, there are higher brackets)
Note: You probably realize this (but many people don’t) but the brackets are MARGINAL. If you’re single and make $83,600, you don’t pay 25% on the whole $83,600. You pay 10% on the first $8500, 15% for the amount between $8500 and $34,500, and then 25% for the amount between $34,500 and $83,600.
Let’s say you have taxable income of $13,000 and your spouse has taxable income of $56,000
Taxes if single:
You:
10% of first $8500 = $850
15% of the next $4500 (to reach the total of your $13000 income) = $675
Your tax is $1525
Spouse
10%: first $8500 = $850
15%: of next $26,000 (to reach top of 15% bracket) = $3900
25% of next $21500 (ro reach total income of $56,000) = $5375
His tax is $10,125
The two of you pay a combined tax of $11,650
Taxes if married:
10% of first $17,000 = $1700
15% of next $52,000 (to reach combined income of $69,000) = $7800
Taxes are $9500, a savings of more than $2000
This is a VERY simple example, and I’m dealing with taxable income (after all the deduction, examption, etc are taken out), so your specific situation may vary considerable (especially if you have some deductions that get phased out at certain income levels).
If you’re really concerned about having to pay more, have your taxes prepared early, but delay making the payment (if you have to pay) until April.
Hope this helps.
Phil, I’m sure you mean TUESDAY the 17th.
In one sentence you you managed to say that Sunday is the 15th and Monday is the 17th. Work on your math skillz.
My taxes are done and I’m just waiting for my software to allow me to submit them.
Also, individual taxes are due on April 17th even if you file an extension. It is an extension to file, NOT an extension to pay.
So, for most working Americans, this means that the government gets two more days to pay back the interest-free loan you were required to give them in the form of withholding.
April 16th seems to be the next business day so really try to file by then.
Aw, where’s Tax Cat?
I just came to post the same question. You talk taxes, you show Tax cat.