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Tax Day 2018 – It’s Not April 15th

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Taxes

Tax Day 2018 – It’s Not April 15th

April 15th is the date most people commonly associate paying their US income taxes.  It’s the day your taxes are usually due, but Tax Day 2018 will be different.  In 2017 Tax Day was April 18th.  For 2018, taxpayers will get two extra days to file.  They will have until Tuesday, April 17, 2018 to file.

The April 2018 deadline is for submitting individual tax returns to the federal government is for the 2017 tax year.  Similarly, for freelancers or self-employed taxpayers, April 17 is also the deadline for making Q1 2018 estimated tax payments.

Along with paying taxes, it’s the last day to make a contribution to a Roth IRA, or a traditional IRA

Why Is Tax Day 2018 Not April 15th

When the filing or payment deadline falls on a Saturday or Sunday, The IRS moves the tax day.  In 2018,  the District of Columbia is observing Emancipation Day on April 16th, 2018.  So the IRS decided to move Tax day 2018 to April 17th, giving you two extra days.

Tax Day became April 15 back in 1955.  Supposedly the date was used to “spread the workload” for IRS employees.  Many accountants and tax experts believe the real reason was to allow the government to keep your money longer before issuing a refund.

Will The New Trump Tax Plan Impact My Taxes?

Unfortunately for many Americans filing tax returns in spring 2018, will not be impacted by the new Republican Tax Plan. That’s because tax day 2018 is when you file your 2017 taxes.  However, it is expected that 90% of households will start seeing tax changes in their paychecks.

Tax Day 2019 and 2020

In 2019, the tax day deadline will go back to April 15th. It’s a Monday, and the Emancipation Day holiday doesn’t fall until Tuesday, April 16th.

In 2020, the tax deadline will be Wednesday, April 15. Emancipation Day is the following day.

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