• Corporations and individual taxes are due April 15.
  • Foreign entities are due June 15… with the extension for all of those six months later.
  • Trusts and Nonprofits have their own dates.

Ancient Tax Day

History of Tax Day

In America, the Federal Income Tax was first instituted as part of the Revenue Act of 1861 to help fund the Civil War. But it was later repealed, re-adopted, and ultimately found unconstitutional in 1895 because it violated the rule that direct taxes be apportioned among the states. However, it differed from today’s Income Tax in that back then, it was based on assessments, not voluntary tax returns.

Modern Tax Day

For Tax Accountants, this is called the “busy season,” as they put in nights and weekends to finish tax returns. If they’re corporate tax accountants, they do it again in October.

Tax Day Terminology

Here are some helpful terms as you prepare your tax forms:

  • Coffee: what tax accountants convert into tax returns
  • Starbucks: a place you cannot deduct as a workspace
  • Dependent: not your dog
  • Accrual: the kind of world it is out there

Writer and technologist. Author of fascinating articles about history, tech trends, and pop culture. billpetro.com @billpetro

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