It’s Tax Day!
Surprise, no it’s not!
This year it’s on Tuesday, April 17th! Thats because of Emancipation Day in Washington D.C. (observed on the weekday closest to April 16), when April 15 falls on a Friday, tax returns are due the following Monday; when April 15 falls on a Saturday or Sunday, tax returns are due the following Tuesday.
If you have filed your taxes and signed on the dotted line, then good for you! If this is your first time, it’s not that far-fetched that you have joined society, contributed to keeping the wheels oiled and turning so our country can keep moving forward. Okay, sometimes I can get carried away.
With your return due next Tuesday, we thought we would share another date with you – Tax Freedom Day – This is the day of the year where everything made up to that date goes to Uncle Sam, and after that date, everything you make is yours. In the United States, it is annually calculated by the Tax Foundation, a Washington, D.C.-based tax research organization. In the U.S., Tax Freedom Day for 2015 was April 24, for a total average effective tax rate of 31 percent of the nation’s income. The latest that Tax Freedom Day has occurred was May 1 in 2000. In 1900, Tax Freedom Day arrived January 22, for an effective average total tax rate of 5.9 percent of the nation’s income.
Tax Freedom Day for 2017 is April 19th! Woo Hoo!