It’s a day Americans have come to identify as tax day. But of all days of the year, why did the IRS decide that April 15th should be the country’s official deadline to file income taxes?
Contrary to popular belief, federal income taxes are a modernized development. First established in 1913 with the Sixteenth Amendment to the United States Constitution, Congress granted the federal government the right to tax all U.S. citizens. The first deadline was therefore reasonably set as March 1, 1914, approximately a year after the amendment was ratified.
Prior to that amendment, Americans were familiarized with income taxes only once before during the Civil War, where the Revenue Act of 1861 was enacted to help pay for war efforts. Nonetheless, the act was later appealed when the war ended.
In 1918, tax day was moved to March 15th. In 1955, it moved once more to the current date—April 15th. The IRS accredited the changes to needing additional time to spread the workload to IRS employees, although some economists dispute the claim. It’s theorized that as middle class America expanded, the IRS was required to issue more refunds; a later tax date would allot more time for the federal government to acquire interest on the money before it had to be issued.
This year’s official tax day remains strong on Tuesday, April 15th, 2014, although the actual tax day varies each subsequent year. If April 15th falls on a Saturday, Sunday or holiday, the IRS will assert the next succeeding available day to be tax day.
San Diego’s favorite Abbo Tax will ease any anxiousness of meeting the IRS deadline. Don’t miss out on an opportunity to let the fear of April 15th fall behind you by having a trusted tax professional strengthen your confidence. For an appointment, please call 619-269-8190.
