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Tax moves to make in February 2011

February 1, 2011

Can you believe it? A month has already flown by and we're now into February 2011. Time sure flies when you're having tax fun!

February_tax_moves_160 While February is the shortest month of the year, there still are plenty of tax moves you can make in the next 28 days.

You say you don't want to think about taxes now. Valentine's Day is fast approaching and you're focusing on what to get the love of your life. That's so sweet!

Then there's the long President's Day weekend, where you must decide if you're going to be lazy or check out the bargains at all the sales pegged to the birthdays of Washington, Lincoln and the rest of our Commanders in Chief.

But do take a few minute to think about your taxes, too.

Not only is Feb. 14 the most romantic day of the year, it's also the day this filing season that the IRS finally starts processing returns it put on hold. Those have been delayed while the agency updates its computer system to match 2010's end-of-year tax law changes.

And remember that while you might get a few bucks off home furnishings or clothing at a President's Day sale, you'll still pay your state (and possibly county and/or city) some sales tax cash.

So even in this short second month of the year, you can't escape taxes. And you shouldn't try.

There are some moves you can make in February to make filing of your 2010 return easier, as well as help you get a head start on cutting your 2011 tax bill.

You'll find details in the February Tax Moves feature over there in the ol' blog's left column. Just scroll down a bit and look for the red lettering under the tax filing deadline countdown clock.

Our Daily Tax Tip offers even more tax saving and tax planning ideas. It's up there in the upper right corner of the page through April 18.

If you happen to miss one, no worries. You can find them collected on special blog pages, one for each month's tips. We're just getting started on February, but you can check out all of January's tips.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions
Disasters
Family
Filing and Paying Taxes
Politics/Laws
Refunds
State Taxes
Tax Brackets/Inflation
Tax Tips
Comments
  • Mark Fuller
    16 years ago Reply

    Great tax resource here. With the information you have given and useful links, I don’t think anyone can still mess up their tax requirements. Great financial know-how involves knowledge in tax planning. Thank you for sharing your expertise in this area.

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