What is referred to as Tax Day?

Tax Day generally refers to the deadline for individuals to file their income tax returns with the Internal Revenue Service (IRS) in the United States. This date is typically set on April 15th each year. However, in certain circumstances, it can be extended if it falls on a weekend or holiday. While December 31st is relevant for tax-related matters, as it marks the end of the calendar year and the cut-off for income and capital gains reporting, it is not considered Tax Day.

January 1st signifies the start of a new tax year, and February 20th does not hold any significance as a deadline for tax filing. Therefore, April 15th (or the adjusted date) is the day most people refer to as Tax Day, highlighting its importance as a compulsory date for taxpayers to manage their financial records and submit tax returns.