List Of Tax Day In Us References

Tax Day rhetoric aside, Americans' bills are lower this year, but don't expect it to last from www.cleveland.com

Tax Day in the US: Everything You Need to Know

Introduction

Tax Day in the US is a significant date for all taxpayers. It is the deadline to file federal income tax returns and pay any taxes owed to the government. Every year, Tax Day falls on April 15, unless it is a weekend or a holiday. In this article, we will discuss what Tax Day is, its history, and what you need to know to avoid penalties and interest charges.

History of Tax Day

The concept of income tax in the US dates back to the Civil War era. However, it was not until 1913 that the 16th Amendment to the US Constitution was ratified, giving Congress the power to levy income tax. Initially, Tax Day was March 1, but it was later moved to March 15 and then finally to April 15 in 1955.

Why is Tax Day Important?

Filing your taxes on time is crucial to avoid penalties and interest charges. If you owe taxes and do not file your return or pay your taxes by the deadline, you may have to pay a penalty of 5% of the unpaid taxes for each month or part of a month that the tax remains unpaid, up to a maximum of 25% of the unpaid taxes. You may also have to pay interest on the unpaid taxes.

How to File Your Taxes

There are several ways to file your taxes in the US. You can file your taxes online using tax preparation software or through the IRS website. You can also file your taxes by mail using paper forms. If you need help filing your taxes, you can seek assistance from a tax professional, such as a certified public accountant (CPA) or an enrolled agent (EA).

Documents You Need to File Your Taxes

Before you file your taxes, you need to gather all the necessary documents, including your W-2s, 1099s, and other income statements. You also need to have your social security number or taxpayer identification number (TIN) and the social security numbers of your dependents if you have any. If you are claiming deductions or credits, you need to have the necessary documentation to support your claims.

Common Deductions and Credits

There are several deductions and credits you can claim on your tax return to reduce your taxable income, including: - Standard deduction - Itemized deductions (such as medical expenses, charitable donations, and mortgage interest) - Child tax credit - Earned income tax credit - American opportunity tax credit

What Happens if You Cannot Pay Your Taxes on Time?

If you cannot pay your taxes by the deadline, you can request an extension of time to pay. However, you will still need to file your tax return by the deadline to avoid penalties for failing to file. You can also set up a payment plan with the IRS to pay your taxes over time. Keep in mind that you will still have to pay interest on the unpaid taxes.

Tax Day in 2023

In 2023, Tax Day falls on April 17. This is because April 15 falls on a weekend and April 16 is a holiday in Washington, DC (Emancipation Day).

Conclusion

Tax Day in the US is an important date for all taxpayers. By filing your taxes on time and paying any taxes owed, you can avoid penalties and interest charges. Make sure to gather all the necessary documents and seek help from a tax professional if needed. Remember, Tax Day in 2023 is April 17, so mark your calendars!

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