Some people correlate the “Ides of March” with William Shakespeare’s play, Julius Caesar. In it, a soothsayer warns the Roman general that his life is in danger stating “beware of the Ides of March”, which corresponds with the 15th day of the lunar month. Hello, Lynn Spencer here with tax-related trivia knowledge. The Ides of March dates back to the earliest Roman calendars dating about 753 B.C., and it initially marked the first full moon of a new year. The Romans used it as a deadline for settling financial debts, bringing the previous year to an official end.
It is an interesting fact that our annual federal income tax, ratified in 1913, was due on March 15th of each year during 1918 through 1954. As the United States Tax Code became more complicated, Americans needed and received some extra time to file personal income taxes (Form 1040). April 15 has been the due date since 1955. March 15th is currently the “Tax Settlement Day” for S Corporations (Form 1120S) and Partnerships (Form 1065) tax returns.
Patterns of taxation throughout history can be explained largely by administrative considerations. Most Americans are currently able to file by the above deadlines. However, if one needs an additional 6 months to pull everything together, he can file for an automatic 6-month extension to file (not to pay). Please reach out to Killingsworth Spencer in Roswell if you need help with an extension this year.