Time to get hopping
on your 2019 taxes! 
Click image for some fun
Leap Year/Leap Day facts.
OK, bad but easy pun (aren't they all?) about this being a Leap Year, but I couldn't resist. Joking aside, it's always good to have any extra time to work on your taxes. So let's, ahem, leap right into this February's 29 days of tax filing, planning and saving moves. Feb. 1: If you haven't received all the
tax statements you need to file your Form 1040, be patient. Issuers were supposed to have the tax docs at least on their way to you by Jan. 31, so they should show up in your email or snail mail box by next week.
Feb. 2: Happy
Groundhog Day!
Don't get caught in a
Bill Murray loop and end up doing your taxes over and over. Get your 2019 return right the first time. Once you get your tax docs, then review this filing
checklist to make sure you have all you need to file.
Feb. 2 also is Super Bowl LIV day, which is fitting since pro football fans are happy to see this sporting event come around each year. So are gamblers. This is the biggest single betting day of the year and much of the money goes toward those goofy NFL championship
prop bets. Just remember, if any of them pay off, then you
owe tax on your winnings. Note, too, that even if your winnings are part of a
fantasy sports bet, the associated taxes are very real.
Feb. 6: Finally! Your tax statements are here, you're ready to file and you've decided to do it yourself using tax software. Be sure to check out
Free File, which, as its name sounds, offers eligible taxpayers access to tax software and e-filing at no cost. It's available for taxpayers with adjusted gross income of $69,000 or less.
There are 10 software companies participating this year at IRS.gov's
Free File webpage. If you make too much to use the online software, look into using Free File's fillable forms.
Feb. 10: Does your job include
tips? If so and you received at least $20 in gratuities in January, use
Form 4070 to report them today to your employer.
Click image
to calculate how much to leave your server.
Feb. 12: Black History Month is celebrated every day this month, commemorating the achievements by black Americans and recognizing the role of African Americans in U.S. history.
This day is notable, however, because
National Association for the Advancement of Colored People (NAACP), the nation's oldest and largest grassroots-based civil rights organization, was founded on Feb. 12, 1909. That was the centennial anniversary of the birth of Abraham Lincoln, who issued the
Emancipation Proclamation twice.
One of the NAACP's key divisions is its
Legal Defense and Educational Fund.
If you want to support the Fund's work, you can donate to it and, since it is a 501(c)(3) organization, you can claim it as a
charitable tax deduction if you itemize.
Feb. 14: Happy Valentine's Day!
Do you and your better half file a joint return? Most
married couples do. Remember to look over the 1040 carefully before you sign it. When both spouses sign their jointly filed 1040, each is
jointly and severally liable for the entire tax amount due. This means the Internal Revenue Service can come after either spouse for payment of a tax bill, even the husband or wife who is in more dire financial circumstances.
Feb. 17: Today is
Presidents Day, officially honoring George Washington, the Father of Our Country. Over the years, however, this federal (three-day, yay!) holiday has come to commemorate the contributions of all our Commanders in Chief. And we've got to give a (another) special shout out to Abraham Lincoln, who essentially was
father of our income tax system, signing into law a tax on earnings to help pay Civil War costs.
Feb. 24: You filed your 1040 back on Jan. 27, the first day that
filing season 2020 opened. Now you want to know when you're getting your refund. Check the status of your return online using the IRS' online "
Where's My Refund?" tool.
Feb. 29: Happy Leap Day!
Click image for some more about Leap Day.
This extra day of the tax season is a great opportunity to do a little tax planning. Regardless of whether you owed tax (or will when you file) or got (or are expecting) a refund, you might want to consider adjusting your withholding. The IRS' online Tax Withholding Estimator can help you get just the right amount. .
Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS' online calendar page and view the full year's important business and individual tax dates in IRS Pub. 509. 
Of course it the FTHB credit had an affect, it wasted millions of tax dollars. What are we seeing happening in the real world?? Our first set of foreclosures on those homes that received the FTHB credit...do they have to pay it back? Nope!
Posted by: Erica Barber | Saturday, July 23, 2011 at 07:49 PM