What day is Tax Day 2017? For many of you out there, "Tax Day" is synonymous with "April 15" but that's not always the case. Tax day was April 18 in 2016. Tax day 2017 is April 18, 2017.
Tax Day will be on Tuesday, April 18, 2017. This is the deadline for when individual tax returns are due.
If you're not prepared to file your annual return by Tax Day, you can file a tax extension. If you fail to file your return without filing an extension, you may become subject to fines.
If you're self-employed, you're likely going to have to pay quarterly taxes to pay your self-employment taxes. This is in addition to your annual return.
By now, you're probably aware that there are a plethora of tax deductions. This is especially true if you're self-employed or a small business owner.
I encourage everybody to maximize their of deductions. The more deductions you're able to legitimately claim, the lower your taxable income will be and that leads to fewer taxes being paid. Most importantly, that means more money in your pocket. Some of the largest deductions you can take include:
The best way to prepare for Tax Day is to not wait until tax time to keep your proper records. If the IRS rejects your deduction, it may also impose additional fees on top of it. Remember, even if you're in the next year, you can still lower your taxable income for the previous year. You have until Tax Day to lower your taxable income and self-employed workers can do this by: