Taxpayers may have been surprised to find they had three extra days to file their taxes this year and may be a bit confused.
This year's deferral resulted from the celebration of Emancipation Day — a legal holiday only recognized in Washington, D.C., that celebrates President Lincoln signing a declaration to free the slaves in the nation's capital.
With April 15 falling on a weekend the next two years and yet another Emancipation Day conflict during that time, 2019 will be the next year Tax Day takes place on the "traditional" deadline again.
For the approximately 20 to 25 percent of taxpayers who, according to the IRS, file their taxes two weeks before the deadline and who likely relish the stress of procrastinating over this annual responsibility — enjoy the additional days you will receive in the next few years!
For those looking for a less stressful tax season, what actions can be taken throughout the year to be better prepared for filing accurate, timely tax returns?
Although every taxpayer's situation is different, here are a few good practices to keep in mind. These apply whether you work with a CPA to complete your taxes or file your own.
Organize your financial information. Your financial information can be stored online, in old-fashioned file folders or together in one large envelope; just make sure you keep everything you need for timely completion of your taxes together. If you don't have a filing system, start one. Numerous checklists are available online to help taxpayers get and stay organized.
Having an organized process for gathering and storing tax-related information is one of the most important actions taxpayers can take to prepare for the tax process. File year-end forms such as W-2s, independent contractors' Form 1099-MISCs, mortgage interest statements, retirement account distributions and brokerage account statements as they arrive.