Your Money


And if you are still racing to file your income taxes on time, you get a little reprieve this year.

As NPR's Wendy Kaufman explains, the deadline to file isn't until Tuesday, April 17th.

WENDY KAUFMAN, BYLINE: Ordinarily the 15th of April is tax day. But this year that's a Sunday. You'd expect the tax deadline to slide to Monday, But because Monday is the District of Columbia's Emancipation Day - a local Holiday you've probably never heard of - this years deadline slides to Tuesday.

ERIC SMITH: It's just this quirky little thing in the law.

KAUFMAN: IRS Spokesman Eric Smith explains that, by law, District of Columbia holidays are treated like federal holidays when it comes to tax deadlines.

SMITH: This is just for a very, very specific and limited purpose. For all other purposes, it's a regular business day, but it would affect the deadline.

KAUFMAN: And the deadline just happens to correspond to so-called Tax Freedom Day. That's the day Americans collectively begin earning money that doesn't go to pay taxes.

Will McBride is an economist with The Tax Foundation, the non-partisan research group that makes the calculation.

WILL MCBRIDE: Tax Freedom Day is a simple calendar-based measure of the cost of government.

KAUFMAN: McBride calculates that overall Americans will pay 29.2 percent of their income to federal state and local taxes this year. And if you do the math, it means Americans have to work 107 days to cover the tax burden. That gets us to the seventeenth of April.

For the record, the vast majority of Americans have already filed their taxes, only a small percentage of us will be frantically sharpening our pencils or clicking through online tax forms this weekend.

Wendy Kaufman, NPR News.

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