Emancipation Day pushes tax filing timeline ahead

By jilian | January 10th, 2011

Death and taxes are inevitable, however since 2005, the tax processing timeline has been more fluid. Emancipation Day, a recently adopted official holiday within the District of Columbia, pushes the date ahead from April 15, 2011 to April 18, 2011. The holiday, which became official in 2005, is observed on Friday the 15th. This will help many individuals stay from getting a payday loan for income taxes for at least a few more days. Article source - Tax filing deadline extended to April 18, 2011 by MoneyBlogNewz.

At this point there is Emancipation day to have taxes completed by

April 15 is more than just an income tax filing day. It has become known for other things. Emancipation Day, which is observed within the District of Columbia on that date, is a celebration of freedom. The Compensated Emancipation Act in 1862 being signed by President Abraham Lincoln is the reason for the legal holiday. About nine months later, the Emancipation Proclamation happened. This meant that 3,100 slaves within the District of Columbia were freed.

The District of Columbia is the only place that officially celebrates Emancipation Day. At this point the rest of the nation will be celebrating it too at this point, the IRS states. Because of Patriots Day, D.C. and six other eastern states already changed the tax filing timeline. While Emancipation Day was not initially prepared to intersect with the national tax processing timeline, the coincidence is welcome for procrastinators across the U.S.

Laws about itemizing

There are several new tax laws that have gone into effect. This made it so the Internal Revenue Service wouldn’t be ready to take any itemized 2010 income tax returns until mid-February at the very least. The Internal Revenue Service will not be ready for any person who wants to itemize write offs for a while. Many taxpayers who use Schedule A to get deductions with Form 8917 for mortgage interest, charitable donations, medical expenditures, certain education expenses and local and state sales income tax paid will be inconvenienced.

For more information on how the changes in income tax law will impact itemizers, visit www.internal revenue service.gov.

Citations

MSNBC

msnbc.msn.com/id/40911406/ns/business-tax_tactics/

Today Show

lifeinc.todayshow.com/_news/2011/01/04/5759248-if-you-itemize-deductions-dont-file-that-tax-return-yet

What is Emancipation Day?

youtube.com/watch?v=OJWJ_43lgnQ