Though not necessarily happy for some, today is Tax Day across the United States. For the last 64 years, tax day has fallen on April 15th (or close to it if the 15th falls on a weekend). All federal returns need to be postmarked by midnight tonight in order to not be considered late or in need of an extension (which would be October 15).
Have you ever wondered why Tax Day is April 15th? The quick, historical explanation plays out something like this…In 1913, the states ratified the 16th Amendment to the Constitution, granting Congress legal authority to tax all citizens incomes. Later that year, Congress passed the Revenue Act that established the basis of the income tax. In the first year income tax was due, the deadline was March 1. Realizing that the legislative changes made that date difficult on many taxpayers, the date was later changed to March 15th. Then in 1955, the IRS decided an extra month was necessary and established April 15th as the deadline, which is still the same today.
Last week, the IRS reported that there were still about 50 million American’s that had not filed their taxes. But if you are one of these people, make sure you take your time filling in the forms. Rushing through the process can lead to making mistakes; mistakes can lead to delays or potential red flags for the IRS. If you have the ability to file electronically, the IRS recommends that as a means to submitting your returns. In fact, this year about 70% of all taxpayers can file their returns for free using the IRS software available online.
While Innovative Property Tax Solutions does not handle income tax related issues, we do focus on another large and sometimes expensive tax…Property Tax. Innovative can help save you valuable tax dollars that can go back into your bottom line. If you own commercial, industrial, or multi-family residential property, give us a call after you have finished your federal returns and speak to one of our experts. 219-472-8682