FOR BREAKING NEWS VISIT WWW.QNS.COM APRIL 12, 2018 • THE QUEENS COURIER 25
TAX DEADLINE
BY JOHN SAVIGNANO, CPA
Most people think of April 15 as tax
day – the day on which they have to
either file their tax returns for the year
or request an extension. But as you get
ready to prepare your 2017 tax return,
you might get a pleasant surprise: You’ll
have another couple of days beyond April
15 to get everything done.
When are my 2017 taxes due?
Tax day for 2017 tax returns will be on
April 17, 2018. That extension applies not
only to the date on which you need to file
your return but also to certain other tax
laws tied to that date. For instance, if you
want to make an IRA contribution for the
2017 tax year, you’ll also have that extra
two days to complete your transaction
and still be treated as having done it in a
timely manner.
Why is tax day April 17?
In an era of electronic filing, it might
not seem to make much sense that tax
day would ever be on a day other than
April 15. Yet much of the financial system
still operates on a weekday schedule,
and the IRS deadlines still acknowledge
the reality that transacting business
on weekends is challenging.
By law, filing and payment deadlines
that apply to federal taxes and are
on Saturdays, Sundays, or legally recognized
holidays are treated as having
been satisfied if they’re met on the
following business day. In 2018, April
15 falls on a Sunday, and so that law
applies to push the filing deadline to the
following day.
So why isn’t tax day on April 16? At
first glance, that would seem to be the
most likely candidate, because April 16
is a Monday and not a federal holiday.
However, an obscure law says that any
holiday that the District of Columbia
observes is treated as if it were a nationwide
holiday for tax filing purposes. In
the nation’s capital, residents will celebrate
April 16 as Emancipation Day in
2018, the day on which 3,100 individuals
in Washington were freed from slavery.
Therefore, tax returns aren’t due until the
following day, Tuesday, April 17.
How late can tax day go?
Two days might seem generous as an
extension on tax returns, but occasionally,
taxpayers have gotten an even bigger
break. For instance, in 2017, tax day
was April 18. That occurs in any year that
April 15 falls on Friday or Saturday. If the
15th is Friday, then it’s when Washington
celebrates Emancipation Day, and so the
following Monday becomes tax day. If
the 15th is Saturday, then Emancipation
Day occurs on Monday the 17th, and
the following Tuesday the 18th becomes
tax day.
Taxpayers in Massachusetts and Maine
can sometimes have a tax day as late
as April 19. The third Monday of April
is celebrated as Patriot’s Day in those
two states, commemorating the battles
of Lexington and Concord that started
the Revolutionary War. When tax day
for the rest of the country is Monday,
April 18, then residents of Massachusetts
and Maine get an extra day because
of the local holiday. However, unlike
the manner in which the District of
Columbia’s holiday is applied nationwide,
the Patriot’s Day holiday doesn’t apply to
taxpayers outside those two states.
Get ready for taxes!
There are many reasons why you won’t
want to let your tax return preparation
go anywhere near the tax day deadline.
Waiting until April 17 to file means waiting
well beyond that to get any tax refund
that you might have coming. Still, for the
millions of procrastinators among us,
those extra two days beyond April 15
might come in handy.
The $16,122 Social Security
bonus you could be missing
If you’re like most Americans, you’re
a few years (or more) behind on your
retirement savings. But a handful of little
known “Social Security secrets” could
help ensure a boost in your retirement
income. For example: one easy trick
could pay you as much as $16,122 more...
each year! Once you learn how to maximize
your Social Security benefits, we
think you could retire confidently with
the peace of mind we’re all after.
Business Owner SLIRP
Concept applied:
Supplemental life insurance for retirement
planning uses a permanent life
insurance policy structured to provide
tax-deferred cash flow during retirement.
To learn more about the concept applied
above or learn about other concepts available
to individual and business owners, feel
free to reach out to Advisors@Savignano-
CPA.com or call the office to schedule your
free consultation.
John Savignano is a partner with
Savignano Accountants & Advisors located
at 47-46 Vernon Blvd., Second Floor, in
Long Island City. If you have any questions
or require additional information, please call
John at 718-707-0955.
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