The story of the income tax begins in 1861, when the Union passed the Revenue Act to fund the Civil War. The legislation was renewed pretty much every year, until a subsequent piece of legislation in 1894, called the Wilson-Gorman Tariff Act, was deemed unconstitutional by the Supreme Court. Whether you feel the income tax is constitutional or not, the 16th Amendment was ratified in 1913, allowing Congress to levy income taxes. Today, Americans unofficially celebrate “Tax Day,” the day of the year where we are supposed to report our earnings to the Internal Revenue Service. (Unless, of course, we are approved for an extension, in which case we get an extra six months to report.) Tax Day is typically the first day of the year where people no longer have to dig through a giant pool of paperwork in order to calculate what exactly we made last year and what exactly we can count as a tax exemption. I’m writing this article on April 16, and you might be fretting because you thought the deadline to file your taxes has already passed. Don’t fear, however, because in 2012, you still have one more day! (Thank 16th US President Abraham Lincoln for this.)
The original deadline in 1913 was March 1. In 1918 this was changed to the ides, March 15. In 1955 the final date was set at April 15, what current tax-paying individuals circle each year on their calendar after splurging on Christmas gifts and (reluctantly) kissing someone or setting off fireworks or plunging into ice cold water with the Polar Bear Club on New Year’s. The official rule for “Tax Day” is April 15, or the first succeeding day that is not a Saturday, Sunday, or holiday.
Well, today, April 16, is Monday, so you might we wondering why it’s not the deadline. April 16 just happens to be a holiday called Emancipation Day. It’s a legal holiday only in the District of Columbia, but it allows for a miniature tax extension for all. Here’s the story: On April 16, 1862, Abraham Lincoln signed the Compensated Emancipation Act. This act freed all slaves in DC (emancipation), and it also paid the former slaveholders up to $300 per freed slave (compensation). The legislation also paid each freed man or woman $100 if he/she chose to leave the US. In 2000 Emancipation Day was made a private holiday in DC, and it has been an official city holiday since 2005.
Therefore, the deadline for filing your taxes will not always be April 15. This year, the deadline is April 17, and 2010’s deadline was April 18. (If April 16 occurs during the weekend, the holiday is celebrated on the prior Friday. Because April 16 was on a Saturday in 2010, Emancipation Day was celebrated on the 15th. The first day in 2010 after April 15 and after a Saturday, Sunday, or holiday, therefore, was April 18.) Not only is Emancipation Day taken into account, but natural disasters can also extend the deadline. In 2007 the Northeast suffered massive flooding, and many states had their deadlines extended a couple months. There were deadly tornadoes in the Midwest over the weekend, so some individuals in Iowa, Kansas, and Oklahoma might be able to have an extension to report their 2011 earnings. If you were afraid you missed the deadline this year, you still have another business day to file. With April 15 falling on a Monday in 2013, however, you won’t be so lucky next year.
He played clarinet for the Marching Tar Heels in 2005 and 2006. He also volunteered for STV, the student-run television station at UNC-Chapel Hill, in the spring of 2010. He shot video, wrote scripts, and acted for “Off the Cuff,” UNC’s longest running sketch comedy show. He has the rare distinction of having lived in a dorm all four years of his undergraduate college career. He was also on Franklin Street on the night of April 4, 2009. His future plans are to pursue a master’s degree in journalism and to one day work for the media as a sports journalist or broadcaster.
Being one of eight children, David realizes finance is an important topic to everyone, regardless of his/her knowledge of the subject. His interests are in personal finance, budgeting, and savings.
In his spare time, David enjoys watching sports and standup comedy, as well as doing crossword puzzles and writing in the first person. He also thoroughly enjoys trivia and, one day, hopes to participate on the game show Jeopardy!, where he will try to break Ken Jennings’ 74-game win streak.
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