Are you thinking about what day is Tax Day in the US? The Internal Revenue Service (IRS) has set the official Tax Day on April 15 every year for:
- Filing individual federal income tax forms
- Submitting any unpaid taxes to the IRS
Tax day is also the deadline for submitting state taxes with income tax requirements in several states. Every year, from January 1 to April 15, the US tax season covers revenue from the previous calendar year.
What is Tax Day in the US?
Knowing what day is Tax Day entails understanding how it relates to your filing requirements. The filing deadline for most calendar-year taxpayers is April 15.
You must submit a return by Tax Day if you receive income from any source, such as:
- Employment
- Self-employment
- Retirement
Some low-income people may not have to file. However, if they don’t, they can lose out on credits or refunds.
How to File Your Federal Income Taxes?
You can file for federal income taxes in various ways. For instance:
- Use commercial tax software
- IRS Free File (for people with AGI under $84,000)
- Hire a tax expert
The quickest way is to file electronically, particularly if you want a refund. Paper returns must be postmarked by Tax Day for them to be considered on time.
What Happens If You Miss the Deadline?
There may be penalties for missing Tax Day. The IRS may impose a failure-to-file penalty if you owe taxes but choose not to file.
Interest and penalties for late payments can also be due. It might be costly to file even a few days late. There is no penalty if you are eligible for a refund. However, you have three years to make the claim.
Can I Still File a Paper Return by Tax Day?
Yes!
If you want to file by mail and are unsure of the Tax Day, ensure your return is postmarked by April 15, 2025, at the latest. If correctly received by the deadline, paper returns are allowed even if they take longer to process.
What is the Penalty for Missing the Tax Filing Deadline?
A 5% monthly penalty (up to 25% of unpaid taxes) may be imposed for late filing. 0.5% monthly penalty is enforced for late payments. It is important to remember when taxes are due and make appropriate plans. There are exceptions for hardship or reasonable cause.
Why is Tax Day April 15?
Tax Day was rescheduled from March 1 in 1913 to March 15 in 1919 and again to April 15 in 1954. The IRS now has extra time to process returns effectively. Since then, the deadline for submitting federal income taxes has been set at April 15.
The Bottom Line
So, what day is Tax Day in the US?
Tax Day is on April 15 every year. However, if it is a public holiday, Tax Day is shifted to the next working day. So, prepare all the documents and other necessary stuff before this day!
