The Internal Revenue Service sets the dates for the tax season. The agency begins the tax season on very predictable dates but the end of tax season is almost always the same.
Aside from this and the last year, the tax season always ended on April 15. The Internal Revenue Service postponed the filing and payment deadline due to COVID-19 in 2020. Since there was a need for new tax changes, the 2021 tax season started later than anticipated, on February 12. In history, tax day wasn’t always April 15, however.
The tax day was observed on March 15 between 1900 and 1954. Prior to the 1900s, the tax day had its fair share of changes, but ever since 1955, the tax day remained as April 15. Because the tax day is so integrated in our minds, it’s almost certain that the tax day will be just April 15. For the tax day to change, we will need major renovations to the US tax code which isn’t likely to happen as progressive tax systems don’t undergo changes that necessarily change the tax day itself.
What does tax day mean?
The tax day refers to the end of the tax season – the last day you need to file your federal/state/local income tax return. It also means the payment deadline. You must pay any tax you owe to Uncle Sam by April 15. Although the deadlines are not going to change, you can still get extra time to – not pay taxes – but to file your return. Because tax returns can get quite complicated, the Internal Revenue Service allows individuals to file their returns after the tax day. For this, you will need to file a tax extension. But, you can’t file for an extension after the tax day. You can also file an extension online.
Tax day for payments
The tax day for payments is April 15. There is no extension for this. All taxpayers must pay their remaining tax liability by April 15. If neglected, you’ll pay more than the tax you owe with interests and penalties. Taxpayers that are unable to pay their balances should contact the IRS for a payment plan. The Internal Revenue Service is very helpful for those who want to pay their taxes but can’t due to financial hardships.