On April 12, we'll have worked enough to cover our tax bills for 2011, and we can start putting some money in our own pockets. That's the calculation of the Tax Foundation, anyway:
Tax Freedom Day® will arrive on April 12 this year, the 102nd day of 2011. That means Americans will work well over three months of the year, from January 1 to April 12, before they have earned enough money to pay this year's tax obligations at the federal, state and local levels.
For Iowans, Tax Freedom Day is April 6 this year, reflecting our lower-than-average total tax bill. Mississippi has the earliest Tax Freedom Day, March 26, while Connecticut is last, on May 2.
Of course, for tax preparers, our freedom comes April 19, when we get our next day off.
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not necessarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to