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Education Center / How do I?  IRS Rules > When are taxes due this year? Why do we get extra days to file our taxes?

Did the IRS's really give us extra time to file our taxes this year?



IRS Gives Taxpayers Two Extra Days to File! 


  When are taxes due - Tax Day 2018 - Due Date for 2017 Taxes is April 17th  


To the delight of tax procrastinators across the US, which includes nearly a quarter of us who like to wait until the until the last two weeks before the dreaded deadline to file, IRS rules have provided us with a big win... Two more days to put off filing your 2017 income taxes! Learn why Tax Day 2018 has been extended until April 17 (instead of the usual April 15th due date) in this article.





Why is Tax Day on April 17th instead of April 15th this year?

Tax Day 2018, the Deadline for Filing Individual 2017 Tax Year Returns, has been Extended by Two Days        

Learn why we get two extra days to file our 2017 taxes?

The IRS extended Tax Day 2018, the Deadline for Filing Individual 2017 Tax Year Returns, by two extra days this year! Why didn't they stick to the traditional April 15th Due Date? 

The IRS generally offers three reasons for extending the deadline to file US income taxes including the Weekend Rule, the Holiday Rule, and Extreme Weather Conditions. In 2018, taxpayers benefit from a combination of two of these rules which explain why the IRS is allowing us two additional days to file our 2017 taxes. 



Which IRS rules apply and why?

1. The Weekend Rule:

When the due date (April 15th) falls on a weekend the due date is pushed out to the next business day (which is normally on the following Monday unless you live in states which have holidays that fall on that Monday such as Massachusetts which celebrates Patriots Day).


The traditional due date, April 15th, for US tax filing, falls on a Sunday this year. Therefore, Tax Day 2018 is automatically moved out to the next business day. 


So, why are taxes due on the 17th (Tuesday) instead of on the next business day? 

This year, taxpayers have the benefit of another very important holiday (reason number two) to thank for the extra day to file their taxes:



2.  The Holiday Rule:

When a holiday is observed on Tax Day, even if the tax day or holiday has been pushed forward due to the Weekend Rule, the due date to file your taxes is pushed further out due to the holiday. This may occur on a state by state basis as is the case in Massachusetts where residents celebrate Patriots Day (and watch the Boston Marathon) or in special cases where everyone benefits by a holiday that is observed in the District of Columbia where residents celebrate Emancipation Day.   


In 2018, IRS rules double down on extra time with the observance of Emancipation Day! When Washington, DC celebrates Emancipation Day, either on the Weekend before or on the day that taxes are due, Tax Day for the year is moved out to the next business day.


Do we really get two extra days to file our taxes this year?

Yes! Taxpayers receive two more days to file because both of these rules are working together in their favor this year.


Here is how it works:

In 2018, Emancipation Day is celebrated on Monday, April 16th (the day that taxes would normally be due because of the Weekend Rule) and therefore Tax Day is moved out to the next business day (Tuesday, April 17th) because it is combined with the Holiday Rule. 


Hopefully, the extra time will not only allow you to the opportunity to appreciate the significance of Emancipation Day, but it will also give you the opportunity to complete your taxes on time this year! 



When are taxes due this year? Is tax day always on April 15th? (No) Are taxes always due on April 15th?

You still have time to save on last years taxes by opening and funding your Place Trade IRA today!




Please note:

Place Trade Financial, Inc. does not provide tax advice to online trading clients/accounts, online institutional clients/accounts or any other individual or account at any time. Please speak with your own personal tax advisor, CPA or tax attorney prior to making tax-related decisions.




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