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?