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Tax Day might not be a holiday, but it's one of the most important days of the year. April 15 is the deadline for Americans who need to file their taxes. Many people complete their taxes early, but if they don't get their forms until March or April, they might have to file at the last minute. Some people complete their taxes online while others hire a tax professional. Still others complete their taxes by mail, although most people prefer to do it electronically.
Whatever the case, it's important to honor the April 15 deadline. If you don't file your taxes on time, you might have to pay additional fees. Many Americans look forward to April 15 because they know that they'll get their refund check shortly afterward. If you overpaid your taxes in the previous year, the government will send you a refund for the excess amount. However, some people accidentally underpay their taxes, which means they'll have to make a payment to the state or federal government (or both).
Fortunately, Tax Day doesn't have to be stressful. Here's a way you can prepare yourself before the big day arrives.
Every year, tax preparation businesses offer deals and discounts for people who need to file their taxes. Here's a few of the deals that businesses have offered in the past.
If your income is below a certain limit, you can take advantage of the IRS' Free File offers. This program allows you to choose a tax filing software and file online for free. Every offer has a different set of requirements, so you might have to do some research before you find a qualifying offer. Some offers require a low yearly income or exclude certain states. Others file your federal taxes for free but not your state taxes. Make sure you compare the offers first so you know exactly what you're getting.
In the past, H&R Block has offered 25% off their online filing services. Note that this discount might not apply to in-person services.
In previous years, TurboTax has offered $15 off their software. TurboTax has also taken part in the IRS Free File program.
To make the day less stressful, stores and restaurants offer deals on Tax Day. You can treat yourself to a drink or a restaurant meal after you file your taxes. Here's a look at some of the deals that businesses offered in 2020.
Applebee's has offered $1 drinks throughout the last month of tax season. This promotion only applied to select drinks on their menu.
In past years, Cicis Pizza has offered a large drink and a buffet meal for only $4.15. This offer was only available on Tax Day.
Hardee's has offered free sausage biscuits on the morning of Tax Day. Free food usually doesn't last long, so you might want to get there early to pick up your free meal.
In the past, Noodles & Company has offered extra rewards points for people who shop around Tax Day. You'll have to sign up for their rewards program to take advantage of this offer.
White Castle has offered 15% off your order when you visit a restaurant around April 15. You might have to present a coupon when you check out.
DoorDash has offered discounts for people who sign up during the last month of tax season. Note that you'll have to be a new customer to take advantage of this deal.
Parents and teachers can use this opportunity to teach their children about filing their taxes. While they probably won't have to file their taxes until later in life, it's never too early to teach them about the importance of getting a job, keeping track of their taxes and filing before the due date. This is especially important for high school students who are getting ready to start managing their own finances. Many people wreck their credit scores in early adulthood because they didn't prepare themselves for financial challenges.
You don't have to do anything if you filed your taxes ahead of time. Otherwise, April 15 is the day to file your taxes online or see your local tax professional. You might be able to score a discount on professional tax services or tax filing software.
If you overpaid your taxes, you can look forward to a refund check from the government. Your refund could be anything from a few dollars to a few thousand or more. While you're technically getting your own money back, it's still an extra payment that helps you pay the bills. Plus, you'll have the satisfaction of knowing that tax season is over and you won't have to worry about it again until next year.
Americans have paid income taxes since the early 1900s. Tax Day took place in March until the 1950s, when the government made April 15 the official Tax Day. Over the years, the government has occasionally adjusted the date to accommodate emergency situations. Some states will change the deadline if Tax Day falls on a state or federal holiday.
Yes! Tax Day is an important day for anyone who needs to file their taxes.
Tax Day is important because it's the last day that Americans have to file their taxes.
Americans observe Tax Day on April 15, although the government has been known to change the date in emergency situations. In 2021, Tax Day falls on May 17.