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When Is Tax Day 2012?

Tax Day 2012

First Posted: 02/29/2012 2:02 pm Updated: 03/ 1/2012 5:40 am

One hundred forty-four million individuals will file personal income tax returns on Tax Day, which falls on Tuesday, April 17 this year.

Typically, Tax Day is on April 15. The deadline was delayed by the Internal Revenue Service this year because April 15 lands on a Sunday and the following Monday is Emancipation Day, a holiday observed in the District of Columbia. (President Abraham Lincoln freed D.C.'s slaves on April 16, 1862--nine months before the Emancipation Proclamation was issued.)

Are you scrambling to file on time? You can file an extension and get an extra six months to file. But be sure to send a check in with your extension if you know you'll owe money; a tax extension doesn't exempt you from paying your taxes on time. Late payments are still subject to interest and penalties.

Don't think you'll have the money to pay what you owe? The IRS advises you to still file on time:

If your return is completed but you are unable to pay the full amount of tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due.

Whether you're doing your taxes yourself or working with an accountant, do yourself a favor and familiarize yourself with the 1040. Make sure you're taking advantage of tax credits deductions. If you need help, seek it.

Also, know what you can deduct from your taxable income. Be aware of what you do--and don't--need to pay taxes on. Don't fall victim to these common tax season scams.

Check out some of the most unbelievable taxes, past and present...

Illegal Drug Tax
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That's right, purchases don't have to be legal for them to be taxable. In fact, a majority of states in the U.S. charge a tax on illegal drugs.
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Filed by Emily Cohn  |