U.S. Tax Day, 2012

By HilaryLloyd

April 15th is routinely cited in conversations, in business meetings and even in jokes as the day that individual tax returns are due in the United States. In fact, this fact is so universally accepted that April 15th is colloquially known as “Tax Day". 

In reality, the date of Tax Day varies to some degree from year to year. In 2011, it was on the 18th of April and in 2012 it will occur on the 17th. The reason is simple. Weekends or the Emancipation Day holiday throw off the schedule by a day or two.

In any event, Tax Day always occurs within a few days of April 15th. Individual tax returns must be postmarked by that date so as not to be considered late. More importantly, tax payments are also due on that date. Even if the tax return is filed on time, penalties and interest will start to accrue if payments are not made in an appropriate and timely manner.

State governments take their cue from the Federal government, and almost all require that taxes and tax returns be filed by the federally mandated date. Occasionally a state holiday will push back the filing date by one day.

The important thing to remember about Tax Day is that filing is mandatory. Regardless of whether you are owed a substantial refund or only owe a pittance, you must file. In many regards, the penalties for not filing are worse than those for being unable to pay. The former involves jail time while the latter only involves fines.

Tax Day should not be confused with Tax Freedom Day. Tax Freedom Day, in the new millennium, also occurs in April. It is the theoretical day when the nation has produced enough income to pay the entire year’s tax for all federal, state and local governments. It is simply a yardstick to give people an idea of how much the government is demanding from them in taxes.