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Tax Freedom Day is April 19 (when you really start making money)

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Mark mid-April on your calendar. That's when Tax Freedom Day, the symbolic day when U.S. taxpayers' annual earnings to date surpass the taxes they'll pay that year.

The Tax Foundation analyzes state and local taxes to arrive at the benchmark. In 2003, Americans worked 109 days to pay their taxes, meaning Tax Freedom Day fell on April 19. That's the same date as 2002, but earlier than the April 27 date of 2001. Here's a breakdown of those 109 days:

Individual income taxes: 42 days

Social Security/Medicare: 30 days

Sales/excise taxes: 17 days

Property taxes: 11 days

Corporate income taxes: 9 days

Source: Tax Foundation, www.taxfoundation.org/taxfreedomday.html

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