The tax season will come to an end tomorrow when the deadline for filing returns expires.
The Internal Revenue Service said it had already reported 90 million returns by March 31, with the average refund amounting to $2,910.
This year the deadline fell slightly later than its usual April 15 deadline – giving last minute households an extra three days to get to grips with their finances.
But why does Tax Day always fall around the same time in April?
Here Dailymail.com explains the history of the biggest date in the financial calendar.
Tax Day fell slightly later than its usual April 15 deadline this year – giving last minute households an extra three days to get to grips with their finances
Why does tax day fall on April 15?
Congress initially decided to give households enough time to fully account for their income, deductions and credits after the calendar years had ended.
The original due date was March 1 but was pushed back to March 15 in 1919.
It remained on March 15 for over 30 years until tax laws grew in complexity – meaning households needed more to correctly complete them.
In 1954 the date was therefore pushed back to April 15.
However some returns which feed into form 1040 – including 099 and W-2 – still have earlier deadlines which was previously Jan 31.
In 2016 this was also pushed back to March 15.
Why was the tax deadline pushed back this year?
If April 15 happens to be a Saturday or a Sunday one year it is pushed back to the following Monday.
In theory it means the deadline this year should have been Monday April 17.
However it was pushed back again by Emancipation Day which fell on Monday this year and is observed in Washington D.C.
A tax deadline of April 18 happens around once every six years.
Are there any exceptions?
Taxpayers can apply for an extension if they do not think they can meet the April 15 deadline.
The extension request must be filed by April 18.
The IRS also offers extensions to those affected by natural disasters.
For example, victims caught up in the Mississippi storms and tornados – on March 24 and 25 – have until July 31 to file an individual or business tax return and make tax payments.
Californians hit by winter storms were also granted an extension until May 15.
Source: | This article originally belongs to Dailymail.co.uk
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