By Brad L’Engle
There’s great news for last minute tax filers! You’ll have a few extra days to file your taxes this year thanks to a little known Washington, D.C., holiday called Emancipation Day, which celebrates the freeing of slaves in the district.
Though Emancipation Day actually falls on Saturday, April 16, it will be officially observed on Friday, April 15, this year. And since the tax code says that filing deadlines can’t fall on Saturdays, Sundays or holidays that means your tax filing isn’t due until Monday, April 18, 2011.
As always, the most important thing is to file your tax return on time, even if you can’t pay your bill. The IRS charges some pretty hefty penalties for filing late: generally 5 percent per month or up to 25 percent of the total tax amount due. And that doesn’t even factor in interest charges, which the IRS changes quarterly and range between 4 percent and 9 percent.
Albert Einstein once noted that, “The hardest thing in the world to understand is income tax.” And with all the changes that happen in the tax code each year it’s easy to see why he said so. If you have any questions about your taxes your best bet is to talk to a CPA or tax professional.