By Nathan Vinson, Attorney
English, Lucas, Priest and Owsley, LLP
Tax Day is a day that we know you celebrate with great abandon. Right?
If you do in fact go all out for Tax Day, this year, you’ll need to move your Tax Day celebrations to April 18. Traditionally, Tax Day is April 15. In some circumstances, it is moved back a few days to accommodate a holiday. This year, Tax Day is April 18 because of Emancipation Day, which is a holiday in Washington, D.C. that marks the anniversary of the abolition of slavery in the nation’s capital. It is celebrated annually on April 16. Because that date falls on a Saturday, Emancipation Day will be officially celebrated on April 15 this year, shutting down city offices.
Tax Day is also moved when April 15 falls on a Saturday or Sunday. It is then moved to the following Monday.
What do we mean by Tax Day? Tax Day is the day that your tax payments are due to the Internal Revenue Service. Your returns should be completed out and MUST hit the mail (or uploaded and electronically filed) by midnight, April 18, this year. If you don’t think you’re getting a refund, chances are that yes, indeed, you’re waiting to file your return until you absolutely have to, which is understandable.
Some mistakenly think they can ask for an extension and NOT pay by April 18. That’s not true. If you don’t have your taxes complete, yes, you can ask for an extension, but it doesn’t let you off the hook for payment. When you file your request for an extension, you also have to include an estimated payment of what you owe (if you owe).
If you plan to have someone do your taxes for you, you need to make that call right away. Chances are, your accountant is swamped, and needs to hear from you as soon as possible. If you’re going to do it yourself, it is best to get started now. That allows you some extra time if you discover you’re missing something you might need.
Kentucky’s deadline for taxes corresponds with federal deadlines, but not all states do. Virginia, for example, has a deadline of May. Tennessee has no state income tax, and therefore, does not require anyone to file a state tax return (lucky ducks).