Three days of the shortest month of the year — and tax-filing season — have already passed. I guess it's true what they say: time flies when you're having tax fun.
The celebrations began on Feb. 1, at least by the Patriots fans. The IRS also enjoyed the day since all those Super Bowl winning bets are taxable.
The NFL championship game is just one special, and tax-related, day in February.
There's Groundhog Day on Feb. 2. It's a perfect reminder that you don't want to be caught in a Bill Murray loop and end up doing your taxes over and over to correct mistakes. Avoid that by waiting for all the tax documents you need to file your 2014 return; they should be arriving soon.
Next comes the biggie, Valentine's Day. If you and your sweetheart tie the knot, you'll have some tax to-do's to take care of after saying "I do." And if you're already enjoying wedded bliss, remember that you have a filing choice to make, to file one 1040 jointly or a separate return for each spouse. Choose carefully. Joint is usually, but not always, the wiser option.
Two days later, Feb. 16, is Presidents Day. This Monday holiday officially commemorates the contributions of all our Commanders in Chief. But this is America, land of the shopping brave, so stores across the country will be holding sales.
The sales tax deduction for last year's purchases can be claimed on your 2014 return. However, in order for this year's shopping spree taxes to provide you any tax savings, Congress must extend this itemized tax break again for 2015.
These are just a few of the tax considerations for this month. You'll find a collection of more tax tasks in the February Tax Moves listing over in the ol' blog's right column. Just scroll down a bit and look for the red lettering under the countdown clock that's keeping track of how long until we reach the April 15 filing deadline.
And enjoy the rest of your tax-smart February.
