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Tax moves to make in February 2015
The month’s holidays offer tax opportunities

February 4, 2015

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.

CupidNext 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.

February_tax_moves_160These 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.

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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.)

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