This might be a bit late, but it might come in useful for anyone else looking for solutions to this issue.
Namely, I have just experienced a similar issue (dates displayed as one day earlier) and after a bit of fiddling around I've realized it has to do with the local time zone.
Basically, as I am currently in Russia, the local time zone is GMT+4, so if my DateTime field has a value of mm/dd/yyyy 03:59:00 AM the date will be displayed one day earlier. However, as soon as I set the date to mm/dd/yyyy 04:00:00 AM the date is displayed correctly on the timeline.
As I am not going to be the person entering dates into the system, and as I find this "feature" to be correct and quite useful, I will not fiddle with the handling of the dates, but in the user manual I will ask the entry person to always enter the times in GMT format, and this should prevent any issues.
I hope this helps!
Best regards