If you are like 40% of the population, according to you will file your tax return as soon as you possibly can in order to A) get it over with and / or B) receive your refund more quickly. More than thirty-eight million taxpayers in the United States file by the end of February. However, if you are one of those lifelong procrastinators who always waits until the last minute… This is your year! Instead of Tax Day falling on the usual 15th day of April, this year your 2010 tax return will not be due until Monday, April 18th.
Due to a combination of interesting circumstances, we all get a three day extension to file our federal income tax returns. In the United States, the tax deadline can never fall on a Saturday or Sunday. If April 15th lands on a weekend, taxes will not be due until the following Monday. Tax Day can also not be on a federal holiday.
Filing Taxes Due Date
What's interesting about April 15th, 2011, is that it isn't a weekend or a federal holiday. This year Washington, D.C., will be celebrating Emancipation Day on the 15th (instead of the usual 16th which is a Saturday this year), thus bumping our federal tax due date to Monday the 18th.
Emancipation Day is the anniversary of the Compensated Emancipation Act; that is, the day Abraham Lincoln freed 3,100 slaves in the District of Columbia – making them the first to be freed by the federal government. Emancipation Day was made an official public holiday in 2005.
Thanks to President Lincoln and the weekend rule, we all have a few extra days to figure out our taxes.
Note: Since you've been giving a few extra days to file, I would encourage you to not put it off too long. Their are penalties and fines if you don't file your tax return or even file it late.
More from GFC, Below
Reasons to File Your Taxes On Time
Although we have all been given this three day reprieve, taxpayers should still try to get their tax returns filed expediently for several reasons.
- If you are expecting a refund you definitely want to file as early as you can. The earlier you complete your return, the earlier you will receive your check. Sometimes you can even get your money back before the tax deadline! Those who complete their returns closer to that deadline end up having to wait as the government is literally swamped at that time.
- For those who end up owing taxes, did you know you can still file early and just postdate your check? This way you take care of your taxes early in the game, but keep your money in your bank for a longer period of time.
- No matter what your financial situation, having to complete your tax return is a task that is somewhat unpleasant to have hanging over your head. Reduce stress and get it done now!
Remember, most other federal income tax deadlines remain the same. For example, state income tax returns are still due on April 15th and the overseas exception due date is still June 15th, 2011. However, any taxpayer needing to file an individual federal income tax return extension will have until October 17th as the 15th falls on a Saturday.
Another reason to love weekends!