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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Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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Comments
  • Mark Fuller
    15 years ago

    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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