Wednesday, April 15, 2009

Happy tax return filing day!

Well, unless you get an extension.

Here's some useful last-minute filing tips for your 2008 tax return, for all you last-minute filers out there (via the Onion).

The good news for this year, 2009, is that Tax Freedom Day -- the day upon which the average American has earned enough income to pay the year's taxes -- has already arrived, and a good two weeks earlier than last year: two days ago on April 13th.

In fact, this year's is the earliest Tax Freedom Day since 1967.

The bad news is that its early arrival is due to the fact that the recession has reduced taxpayers' income by so much, and the thus the amount of taxes owed on it.

The worse news is that Deficit Day -- the day until which the average American would have to work to make enough money to pay for his or her share of all government spending including the deficit -- this year falls on the latest date since World War II, May 29. [Calculations by the Tax Foundation.]