Finance
What is Tax Day? A look into the final day for Americans to get their tax returns and payments to the IRS
Judy Shelton and Grover Norquist discuss the amount of U.S. debt under President Biden and the impending increase in taxes after Trump-era tax cuts expire on “The Evening Edit.”
Tax Day is quickly nearing, meaning the clock is winding down for Americans to file their returns.
You can file your taxes electronically or by mail. Submitting electronically will make for the faster receipt of a refund and is the quickest way to get your information filed to the Internal Revenue Service (IRS). If you do file by mail, make sure your envelope is postmarked by the due date.
Make sure you have all your documentation together and submit it before the filing deadline to avoid any fees.
Tax Day traditionally falls on April 15. (iStock)
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Here’s everything you need to know about Tax Day.
1. What is Tax Day?
Tax Day marks when taxes are due in the United States. Taxes must be filed and paid by this date.
If you don’t pay your taxes on time, you’ll receive a Failure to File penalty from the IRS. This penalty is 5% of unpaid taxes for each month or part of a month that the return is late, according to the IRS, not exceeding 25% of unpaid taxes.
To avoid fees, make sure your return is filed and taxes are paid by Tax Day. (iStock)
2. When is Tax Day?
Typically, it falls on April 15, although it could fluctuate slightly from year to year. The main reason the date could change is if April 15 falls on a holiday or on a weekend.
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This year, April 15 is Tax Day for Americans, except for those in Maine or Massachusetts. Residents in those two states have a tax deadline of April 17, due to Patriots’ Day and Emancipation Day holidays, according to the IRS.
3. When did Tax Day begin?
The first time federal income tax was introduced to Americans was in 1862 by Abraham Lincoln, according to the IRS, in order to help pay for expenses associated with the Civil War. The first official Tax Day was in 1913 and had a March 1 due date, according to the Library of Congress.
In 1954, the filing deadline for individual tax returns was marked on April 15, according to the IRS, which has remained the modern deadline.
The push in the date helps tax filers by giving them extra time to gather financial information but also helps others in the tax filing process. Accountants receive additional time to help others file their taxes, and the IRS also has more time to work.
4. What do I do if I miss the tax deadline?
If you are unable to get your taxes filed by Tax Day, you can apply for a tax extension.
If you can’t get your taxes in by the deadline, you can file for an extension. (Daniel Acker / Bloomberg / File / Getty Images)
You must file your request by Tax Day in order to be granted an extension. You can request an extension through Oct. 15, according to the IRS.
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You can file an extension with Form 4868, according to the IRS. You can do this by mail, online or through a tax professional.
Warren Buffett poses with Martin, the Geico gecko, ahead of the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska on May 3rd, 2024.
David A. Grogan | CNBC
Warren Buffett went on bit of a shopping spree in the stock market before Christmas, picking up shares of Occidental Petroleum among others during a swift December sell-off.
Berkshire Hathaway purchased additional 8.9 million shares in the Houston-based energy producer for $405 million through transactions Tuesday, Wednesday and Thursday, pushing its stake above 28%, according to a regulatory filing late Thursday night.
During the same time frame, the Omaha-based conglomerate also bought about 5 million shares of Sirius XM for around $113 million as well as about 234,000 shares of VeriSign for roughly $45 million. These two stakes are much smaller in size, so these transactions could be made by Buffett’s investing lieutenants Todd Combs and Ted Weschler.
All told, Berkshire bought over $560 million worth of stocks over the last three sessions.
The 92-year-old legendary investor appeared to have taken advantage of a broad market pullback that made these stocks much cheaper.
Occidental shares have dropped more than 10% this month, bringing its 2024 losses to 24%. The energy company, once known for being founded by legendary oilman Armand Hammer, is Berkshire’s sixth-biggest equity holding. Buffett has ruled out a full takeover.
Occidental Petroleum
The sell-off in Sirius XM has been more dramatic. The New York-based satellite radio company is currently in its six-day losing streak, falling 23% this month and 62% this year.
Berkshire started hiking this bet after billionaire John Malone’s Liberty Media completed its deal in early September to combine its tracking stocks with the rest of the audio entertainment company. Now, Berkshire’s stake has risen to about 35%. SiriusXM has been grappling with subscriber losses and unfavorable demographic shifts.
Internet name VeriSign has also had a rough year with its stock down 6% in 2024, significantly underperforming the tech sector. Berkshire first bought the tech stock in 2013 and hasn’t adjusted the stake in years.
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