With this year’s tax season underway, Three Villagers are once again readying themselves for the creeping April deadline. However, this year, some taxpayers can breathe a sigh of relief in knowing that the tax filing deadline has been pushed forward from April 15 to April 18.
The reason for this three-day extension lies in the observance of Emancipation Day, which falls on Friday, April 15. This nationwide holiday is fairly new and was officially adopted by the District of Columbia on Jan. 4, 2005. The holiday honors President Abraham Lincoln’s signing of the Compensated Emancipation Act of 1862, which freed roughly 3,000 slaves living in the D.C. area during that time.
“Lincoln made an emancipation on April 15, so since the holiday is on a Friday, the next business day is Monday, April 18, which accounts for the deadline extension,” said George Rehn, an accountant living in East Setauket.
Despite there being additional time for individuals to file tax returns, certified public accountants like Rehn recommend that taxpayers make early preparations for the April deadline.
“I think people filing early is smart because your head is clear and you could work through the tax return and come up with the right results,” said Rehn. “I find people at the end of the tax season … rush the tax return and they usually miss things. People [who file] in February are much more organized than the people in April.”
Dennis Maffei, a 59-year-old Setauket resident, claims to be largely unaffected by the altered deadline and chooses to file early.
“We have all of the paperwork,” said Maffei. “Why should we wait to file a refund when we can do it early?”
Emancipation Day was not planned to affect the nationwide tax deadline by any stretch. For some Long Islanders the three extra days may offer relief, but according to George Cavooris, a CPA working in East Setauket, the pushed deadline will likely invite procrastination.
“I don’t think the extension is significant, it’s only a few more days and it’ll just give the procrastinating taxpayers a couple more days to get their things ready,” Cavooris said. “From my standpoint, I would expect to be done by April 15 anyway.”
During this year’s tax season, local business owners can find themselves feeling the strain when having to comply and ultimately deal with the ever-changing regulations issued by the Internal Revenue Service. With the tax filing deadline just around the corner, shopkeepers must maintain good recordkeeping and have a clear understanding of their business deductions and profit margins.
“The last couple of years have gotten tougher and tougher,” said Costantinos Drepanitis, a 36-year-old Stony Brook resident and owner of the Setauket Village Diner. “As any business, whenever your cost of operation goes up, you pass it on to the customers and during tax season that always becomes an issue.”
While it’s true that some taxpayers may not be affected by this year’s extended tax filing deadline, others can still relish the thought of having more time to spare.
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