Published: Tue, April 12, 2016
Economy | By Melissa Porter

Why is Tax Day on April 18 this year?

Pay as much of your 2015 tax liability as possible by April 18.

The good news, especially for procrastinators, tax day is next Monday, April 18th. It will be observed in the District of Columbia on April 15 this year, and any holiday observed in the District is considered by the IRS to be an official legal holiday nationwide. For 2014, if you earned at least $10,150 you must file an income tax return, even if you were a full-time student for the entire year.

Those who are serving in combat zones or contingency operations or become hospitalized due to injuries from their service can have additional time to pay their taxes. USA citizens or residents who are out of the country for work typically can get an automatic two-month extension without having to ask for it, and people affected by certain natural disasters can automatically get more time, as well.

If you find out you owe money to the IRS, coming up with the funds last-minute can be hard. However, if you have a bill well into the thousands or your tax bill is pushing the maximum credit limit on your card, your credit score will be affected because your credit utilization ratio will rise.

If you are new to owning a small business, then you should understand all the tax authorities that you owe. The installment agreement will allow you to pay your tax debt over six years. You don't need to send the forms in. It's called tax season and the deadline to file is quickly approaching. It's also important to make payroll tax deposits on time, as the penalties for being late with them often are much higher.

For those people who are still toiling away on their taxes, you can rest a little easier because you've got a few extra days before you really have to sweat. The longer you wait, the more you're paying Uncle Sam, not less.

Every year, Americans face changes to the tax code and 2015 is no different. You're also not going to get audited for filing early; that's also a myth. There's simply no "Eager Beaver" penalty!

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