Tax Freedom Day

Embed from Getty Images

 

The concept of Tax Freedom Day is how long do people have to work until they’ve earned enough money to pay all federal, state, and local taxes for the year.  Depending on locality, the day falls between late March and early May in the US.  It is an useful indicator to gauge the impact of taxes on you and your family each year.

Because the impact of the Coronavirus, the US Internal Revenue Service has extended the deadline for its 2020 income tax filing from April 15 to May 17, 2021. So individual taxpayer gets an additional month to file. More time to sharpen that pencil?  While most of the states followed the IRS’s lead, your state may vary

Even though I am retired, my pension still counts as an income.  So I am not exempt from filing individual income taxes.  No sirree. To that end, I filed mine this past weekend.  And my Tax Freedom day, like most others, lands somewhere in April.  But I do feel much relieved, now that is done. 

Do you suppose if one does not work, everyday is a Tax Freedom Day?

Advertisement
This entry was posted in big data, history, life and tagged , . Bookmark the permalink.

Have You Got a Buddha Moment?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s