Tax Day – April 15, 2019

Mon Apr 15

Still rifling through a pile of 2018 receipts? Welcome to America’s annual financial headache. It’s Tax Day — and the Internal Revenue Service’s patience has just run out. 

Unless you’re due for a hefty refund (or working as a highly-paid accountant), Tax Day doesn’t usually spark much joy. This year’s Form 1040 appears shorter, but filing taxes remains way too complicated for most Americans to do alone. 

It wasn’t always this way.

The IRS didn’t appear on the scene until 1862. That’s when the federal government began “to assess, levy, and collect taxes through its power to seize property and income.”

Still struggling? You can always look into filing an extension to get some extra time.

Tax Day Featured Video

Why and How to File A Tax Extension
That Feeling When You Finish Your Taxes

Tax Day Media Coverage

Tax Day — KUTV (Salt Lake City, UT)
Tax Day — WRIC (Richmond, VA)
Tax Day — WTVD (Raleigh, NC)

Tax Day - Survey Results

 

SOME AMERICANS *ACTUALLY* ENJOY FILING THEIR TAXES
7% of Americans claim they enjoy filing their taxes. 9% say they absolutely hate filing their taxes, and 11% say filing their taxes stresses them out.
 

 

1 IN 5 AMERICANS USE TECHNOLOGY TO FILE THEIR TAXES
19% of Americans use a tax preparation program (such as TurboTax) to help them file their taxes. 6% of Americans say their spouse takes care of filing the taxes, and 11% hire an accountant to file their taxes.
 

 

HERE ARE THE WAYS AMERICANS SPEND THEIR TAX REFUNDS
#1: Pay off debt (27%)
#2: Save (24%)
#3: Treat myself (e.g. new shoes, clothes, dinner, etc.) (13%)
#4: Spend on necessities like toiletries, school lunches for children, etc. (11%)
#5: Spend on big purchases I really need, like a car repair (10%)
#6: Vacation (8%)
#7: Buy someone a gift (3%)

How to Observe Tax Day

  1. Break out the 'income tax' cocktail

    This is a real drink — basically a Bronx cocktail (gin, sweet vermouth, dry vermouth, and orange juice) with a splash of bitters, as a nod to the bittersweet nature of the day.

  2. Host a tax potluck party

    Friends don't let friends do taxes alone. Why not make a party of it instead? And as you work through all the forms, you can give awards for the most creative deductions or person with the biggest return coming their way.

  3. Make a vow to start earlier in 2020

    That way you'll have more time to spend April 15 enjoying National Laundry Day.

Why Tax Day is Important

  1. It's a forced financial check-up

    W-2s and 1099s. Banking statements and donation receipts. There's a lot of paperwork you need to pull together to be able to do your taxes (even if you have help). But once it's all there, you can see how much you made last year and where the money went.

  2. One word: deductions

    You start to see the different ways you can get money back — like mortgage interest, donations, and even unreimbursed job-related education. Once you figure out a strategy, you can start planning for 2020.

  3. Money back

    If you overpaid last year, you're due for a tax refund. If not, perhaps it's time to adjust your withholding (or estimated tax payments).