April 15th

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!

Tomorrow Is Tax Day

Tax day always seems to be a day of chaos and dread for taxpayers. We’ve all seen traffic jams and long lines at local Post Offices with last minute taxes held tightly in their hands hoping to get their taxes sent out on time. In 2017, tax day is actually tomorrow, April 18th!

Other than having your taxes prepared sooner there are other options than racing to the Post Office. Need more time to prepare your federal tax return? If you are not able to file your federal individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file. But to do so, you’ll need to not owe anymore income tax for last year. Best to check with the IRS for the proper forms and understand that there’s a nominal fee on the amount that’s being filed.

Also, don’t forget you can e-file your federal taxes right from your computer. It’s quick, easy and gives you immediate confirmation that Uncle Sam has happily gathered in your taxes.

April is National Financial Literacy Month, Detective Frank Money’s favorite month! Tax Day…not so much.

Preparing For Tax Day

Paying taxes can seem like handcuffs on your wallet.

When preparing for tax day don’t just assume that Federal, State and other income taxes will be the only thing you can declare hoping you’ll get some kind of tax return. Depending on what kind of job or jobs, or what kind of savings or purchases you’ve made, you may qualify to reduce your taxable income and get a larger refund.

Some of the more popular deductions you can take are charitable contributions, business expenses such as operating costs, mortgage interest, losses such as theft or property values. Also let’s not forget contributing to your 401k or Roth IRA. If you’re a first time home buyer, Uncle Sam gives you a nice financial credit to encourage you to own your home.

There’s a long list that will probably fit your reduction of taxable income. There’s no shortage of information out there, as well as, consulting a professional tax preparer.

April is National Financial Literacy Month, Detective Frank Money’s favorite month!