Tick...tick...tick... New Yorkers have until midnight tonight to file their income taxes.
We can be grateful for having a few extra days to file our income taxes this year. The deadline is April 18 instead of April 15 due to the celebration of Emancipation Day on Friday, a holiday celebrated in Washington, D.C. that commemorates the anniversary of the abolition of slavery in the city.
“The extended deadline provides a few extra days for the millions of New Yorkers who file their taxes late in the season,” said New York State Commissioner of Taxation and Finance Jerry Boone.
That still may not be enough for some filers. Those loving the "adrenaline rush" of last-minute filing will be running out to the postal office for today's coveted postal mark.
The U.S. Postal Service has extended hours to accommodate last-minute filers at the Buffalo Cayuga Branch - located behind the Buffalo-Niagara International Airport - only. Doors will be open until 9 p.m. All other local branches will be open regular business hours.
If you cannot file by today's deadline, a tax extension can be your best option. To qualify for a tax extension, you must file the appropriate Form 4868 for federal income taxes and Form IT-201 for individual state residents by today's deadline. If you expect to owe money, payment must be made by today, even though you will have additional time to submit your tax information.
To break the tension, here are some fun facts about the annual income tax filing deadline in the United States:
- Fiscal Year 2015 Individual Income Tax Returns Filed Total Receipts: 148,840,642
- Individual Returns Filed Electronically TOTAL: 127,778,934 Tax Professionals: 78,074,329 Self-prepared: 49,704,605
- Total Individual Refunds Number:116,848,831 Amount: $346,394,376
- Where Do The Taxes Go? National Defense 16% Social Security 24% Medicare, Medicaid, etc. 25% Safety Net Programs 10% Interest on Debt 6% Benefits for Veterans & Federal Retirees 8% Education 3% Transportation infrastructure 2% Science and medical research 2% Non-security international 1% All other 3%
- Timeline: 1862 – During the Civil War, the IRS is born when President Abraham Lincoln and Congress create the Commissioner of Internal Revenue and enact an income tax to pay war expenses. The first income tax levied 3% on incomes between $600 and $10,000 and 5% on anything over $10,000. This income tax lasts until 1872.
- 1895 – The Supreme Court rules in Pollock v. Farmers’ Loan and Trust Co. that taxing incomes uniformly throughout the United States is unconstitutional.
- 1913 – The 16th Amendment is ratified by the states, giving Congress the authority to enact an income tax. Congress also introduces the first 1040 form and levies a 1% tax on personal incomes over $3,000 with 6% surtax on incomes of more than $500,000.
- 1918 – During World War I, to help finance the war, the highest rate of taxation on income is 77%. After the war, by 1929, the rate drops to 24%.
- 1954 – The tax filing deadline is moved from March 15 to April 15, to give taxpayers more time to prepare their returns.
- January 3, 1996 – Congress enacts the Taxpayer Bill of Rights to ensure relief from overzealous collection efforts on the part of IRS personnel.
