You wake up this morning, look at your phone and in a panic think to yourself, "It's April 15th! It's Taxes Day and I haven't filed them yet! What do I do?" Well...you're in luck for 2016! The IRS decided this year to move Tax Day to April 18th, instead of its normal April 15th deadline.
Why did they switch the day this year?
That's a great question, and we're glad you asked! Normally, the April 15th date is switched when it falls on a Saturday or Sunday. In 2016, the 15th falls on a Friday. While it's still not the weekend, the IRS is observing Emancipation Day today. Emancipation Day marks the day that the Compensated Emancipation Act was signed by President Abraham Lincoln. It's observed on April 16. In this case, where April 16th is on a Saturday, they are taking off the day before. Confused yet? Buckle up, because it gets crazier if you live in Maine or Massachusetts!
Wait...What about Patriots Day?
For taxpayers who live in Maine or Massachusetts, Patriots Day is observed every third Monday of April. This year, it falls on April 18th, which means that the USPS will be closed. OH NOOOOO! What are Maine and Massachusetts residents going to do? Don't fret. Because residents of Maine submit payment to states where April 18 is not a legal holiday, our deadline is extended to April 19th. This is particularly wonderful if you are a huge procrastinator. It means you have until Tuesday to file your taxes. (Note: Because Maine and Massachusetts residents submit payment to states where April 18 is not a legal holiday, you still have to pay the first installment of any estimated income tax payments by April 18).
Now, we don't condone procrastinating in any way, but rest assured if you woke up this morning in a panic because your taxes weren't completed, you still have time. Don't waste much more time though! Tuesday will be here before you know it.
-The Taconnet Team