Maybe not so much of a TGIF this week, but I’m sure happy hour will see a lot of people drinking their blues away because although the Federal Government is giving us a few more days to register our earnings with them, Tax Day is still looming just beyond the weekend.
Why is Tax Day not on April 15th? No, the IRS isn’t feeling friendly or anything, there is a reason. Since I am being targeted by the Federal IRS (once again) this year, I’m oblivious because it’s between my lawyer and accountant yet again in 2016, but for the rest of you, here’s what’s up:
A little-known holiday outside of Washington, D.C., Emancipation Day is the primary reason for changing the tax deadline, says the US Tax Center.
While slavery was not formally abolished in the United States until Dec. 6, 1865, when the 13th Amendment was ratified, it occurred in the District of Columbia much earlier.
President Abraham Lincoln signed the Compensated Emancipation Act on April 16, 1862, freeing thousands of slaves living in the district.
Now a legal holiday in Washington, government offices and other public services do not operate on Emancipation Day, usually celebrated April 16.
However, if April 16 falls on a weekend, as it does this year, it is celebrated on the closest weekday — that way public workers still get a day off of work. So this year, it moves to April 15, Tax Day.
Since Emancipation Day is a legal holiday, it takes precedence over the tax deadline, which is why it was moved to the next business day: Monday, April 18.
Don’t forget to check with your CPA to see if your guns, range membership and ammunition could be a tax deduction.
Have you filed your taxes already, are you waiting until the last minute or have you filed an extension?