Tax Help: Filing Deadline for 2006 Tax Returns is April 17, 2007

I hear we have a couple of extra days to procrastinate this year on getting our 2006 tax returns in which normally would be due on April 15, 2007. However, the IRS has announced that 2006 tax returns may be filed or paid by Tuesday, April 17, 2007 because Monday, April 16 is a legal holiday in the District of Columbia.

According to the IRS, filing and payment deadlines that fall on a Saturday, Sunday, or legal holidays are on time if they are met by the next business day. This year, April 15 falls on a Sunday, making the extended due date Monday, April 16. However, the IRS recently became aware that under newly enacted local legislation, April 16 is Emancipation Day, a holiday in the District of Columbia. Although not a federal holiday, it is observed in the District of Columbia and therefore is a holiday under the timely filing/payment rule. This extends the nationwide deadline an additional day, to April 17.

The IRS said the April 17 deadline will apply to actions including:

  • 2006 federal individual income tax returns, whether filed electronically or on paper
  • Requests for an automatic six-month tax-filing extension 2006 balance due payments
  • Tax-year 2006 contributions to a Roth or traditional IRA

Emancipation Day marks the April 16, 1862, signing by Abraham Lincoln of the Compensated Emancipation Act, which freed slaves in the District of Columbia. It is not a federal holiday, and IRS offices will be open.

Don't forget to take your deduction for charitable donations of art. If you don't qualify this year, this is something you might consider planning for so that you qualify for the deduction in future tax years. One of the key provisions is that you must have owned the artwork in question for a minimum of 12 months, so you need to plan ahead. We have a tax help article detailing all the provisions necessary to qualify for the deduction of charitable donations of art.

Here's to more holidays around April 15th!

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