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Daily Tax Tips February 2016

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Welcome to the shortest month of the year, but one of the busiest when it comes to tax filing.

In February, most of us will get the tax documents we need to file our tax returns. And folks who filed early will be on the look out for their refunds.

There's another good piece of news for February 2016. It's a Leap Year, meaning we get an extra day to work on our 2015 taxes or make moves to reduce what we owe Uncle Sam on our 2016 income.

As with January's tips, this page will collect all the advice highlighted in the upper right corner of the ol' blog during February.

That way, regardless of whether you're a filer who puts off your Form 1040 task until the ultimate deadline -- which is April 18 this year -- or someone who is already thinking about next year's filing season, you can come back to the monthly tax tips pages at your leisure (or panic if you're on filing deadline) for the information you need.

Since February's already ticking away, let's get to this month's tax tips. 

  1. What to do if you don't get a W-2 -- If your W-2 doesn't arrive, there's a way to file without it. You basically recreate it yourself using a special IRS form. (Feb. 1, 2016)
  2. Working around missing 1099 statements -- Non-wage income, such as investment earnings or independent contractor work, is typically reported on a 1099 form. You need these tax documents to file, but you can make do without them if you must. (Feb. 2, 2016)
  3. Sports, gambling and taxes -- The Super Bowl is the biggest betting day of the year. If you win a wager, it's taxable income. But there also are many other ways that gambling and taxes interact. (Feb. 3, 2016)
  4. 10 IRA terms -- If you plan to save for your golden years, the IRS can help. But it also helps if you know these 10 IRA terms. (Feb. 4, 2016)
  5. 10 overlooked tax breaks -- To ensure you pay the Internal Revenue Service as little as possible this filing season, don't miss out on these often-overlooked tax deductions and credits. (Feb. 5, 2016)
  6. Reporting gambling winnings -- Regardless of whether you won a big Super Bowl bet or a few scratch-off lottery dollars, you must report that money to the IRS. Here's how. (Feb. 8, 2016)
  7. 10 tax terms -- To file your taxes it often seems like you have to learn a new language. These tax terms can help you get started. (Feb. 9, 2016)
  8. Retirement plan contribution limits -- Saving for retirement can be confusing, especially when the limits change each year on how much you can put in various accounts. Here are the rules, and inflation adjustments, for 2015 and 2016 retirement plans. (Feb. 10, 2016)
  9. All about Obamacare tax forms -- It's the second tax-filing season in which taxpayers must deal with the Affordable Care Act, aka Obamacare, on their returns. This year, some filers will see two new ACA-related forms. (Feb. 11, 2016)
  10. Joint or separate filing for married couples? -- A married couple has two choices when it comes to filing a tax return. Each spouse can send in one 1040 jointly or file two separate forms. Make sure your marital filing choice fits your tax and financial situation. (Feb. 12, 2016)
  11. Sales tax deduction -- The purchases you make at this year's Presidents Day holiday sales could help lower your 2016 tax bill. (Feb. 15, 2016)
  12. Alimony payments have tax implications -- Whether you're paying ex-spousal support or receiving, the Internal Revenue Service is involved. (Feb. 16, 2016)
  13. Standard mileage inflation adjustments -- If you drive for business, medical reasons or even in support of your favorite charity, you might be able to deduct those miles. Here are the rules and standard deduction amounts for the 2015 and 2016 tax years. (Feb. 17, 2016)
  14. Wash sale warning -- Did you sell a stock during the market tumble and now want to buy it back? Make sure you don't run afoul of the tax wash sales rules. (Feb. 18, 2016)
  15. Child and additional child tax credits -- Your children can be a credit to you literally at tax-filing time. The child tax credit helps reduce dollar-for-dollar what you owe Uncle Sam. The additional child tax credit could get you a refund. (Feb. 19, 2016)
  16. Estate and gift tax limits -- If you're fortunate enough to have lots of money, you can give away substantial amounts of it during your lifetime as part of your tax-savvy estate planning. Here are the amounts that are, and aren't, subject to taxation in 2015 and 2016. (Feb. 22, 2016)
  17. 6 filing tips for new taxpayers -- Are you filing a 1040 for the first time? Don't panic. These tips can help you successfully submit your first federal tax return. (Feb. 23, 2016)
  18. States with no income tax -- Tax filing is easier for a few folks. They live in one of the few states that don't collect an income tax. (Feb. 24, 2016)
  19. 4 ways to get your IRS refund -- Getting money back from Uncle Sam this filing season? You can have your refund amount divided and directly deposited in up to 3 bank accounts. Or you can even use the tax cash to buy savings bonds. (Feb. 25, 2016)
  20. Where's your refund? -- You filed early so you'd get your refund quickly, but it hasn't yet arrived. Find out its status using the IRS' online search tool. (Feb. 26, 2016)
  21. Tax lessons from athletes in tax trouble -- No one, not even highly-paid athletes, is immune from tax trouble. But we can learn some lessons from these pro players' tax mistakes. (Feb. 29, 2016)

As soon as February winds down, we'll head right into March (and eventually April) and the Daily Tax Tips for those months. Look through them as your tax needs and time dictate.

January 2016 Daily Tax Tips

March 2016 Daily Tax Tip

April Daily Tax Tips

Can't get enough tax tips? Check out Don't Mess With Taxes' continually expanding collection of year-round tax tips and money moves.

Today's Tax Tip

  • Key 2023 federal tax deadlines — We made it through the first week of tax season 2023, but another deadline is looming. Jan. 31 is the filing, and tax payment, deadline for taxpayers who opted not to make their final 2022 estimated tax payment on Jan. 17. This tax calendar has that and other key individual tax due dates for the rest of this year. (Jan. 30, 2023)

  • Tax Tip; click pencil for all tax tip links

  • The 2023 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August, September, October, November and December. Remember, tax tasks and tips don't stop after you file your annual return!

All About Kay

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    Kay Bell — Native Texan
    (the blog title totally makes sense now, right?). Professional journalist. Tax geek.

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  • Tax Year 2023 Countdown!

    Happy New Tax Year! Are you ready to file your 2022 tax return? Me neither. But at least this year we're getting some extra time to file and pay any tax we owe. Even better, it's not COVID-19 pandemic related. Tax Day 2023 is Tuesday, April 18. This later date is because April 15, 2023, is on Saturday, and the next business day, Monday, April 17, is Emancipation Day.
    When this Washington, D.C., holiday falls on the day our federal taxes are due, it bumps Tax Day nationwide to the next business day. So this year, we have until Tuesday, April 18, to finish our federal forms and, if we find we owe, come up with the money for Uncle Sam. The states that follow the federal tax calendar, which is most of them, also tend to abide by this date change.

    The countdown clock below should help us from missing out on making important tax-saving moves the rest of this year. Plus, the Tax Moves below the counter will list some timely tasks to take care this first month of 2023, and each of the remaining 11 when they arrive. They'll speed by quickly when you're having tax fun!
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.


Time for Tax Tasks


  • monthly tax moves


  • Hello February, and ❤ to our new 2023 Valentine, the Internal Revenue Service. OK, maybe love for the IRS is a little much, but we at least want to make nice with Uncle Sam's tax collector this month as it goes into the first full, albeit short, month of the tax season. That means some taxpayers will be getting their refunds in February!

    via GIPHY

    With just 28 days, it will mean some full days for both IRS employees, some of whom are still trying to catch up on that lingering COVID-19 pandemic backlog, and all of us who'll file this month. So let's not waste anymore time, and get to some tax tasks for this shortest month of the year!

    Feb. 1: Employers and other third-party payers were to have issued us our W-2 and associated 1099 forms by Jan. 31. If you're still waiting, be patient and give them a tad more time. And don't forget to check your email, as many issuers sent out electronic notices of the online availability forms and other statements you need to file your taxes instead of relying on the U.S. Postal Service.

    Feb. 2: Happy Groundhog Day!

    Fat Groundhog; click image for Groundhog Day details

    The main reason to wait for the correct tax statements is to avoid getting caught in a Bill Murray kind of tax loop, where you have to file an amended tax return because you entered wrong info on your original 1040.

    Feb. 7: 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.

    The National Association for the Advancement of Colored People (NAACP), the nation's oldest and largest grassroots-based civil rights organization, was founded on this month, specifically on Feb. 12, 1909, 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, during Black History Month or any day of the year, you can donate to it and, since it is a 501(c)(3) organization, claim your gift as a charitable tax deduction if you itemize. Sorry, filling out Schedule A is your only option this filing season, since Congress didn't renew the option to claim cash gifts of up to $300 for single filers or $600 for married filing jointly couples directly on Form 1040.

    Feb. 10: Do you work as a server at a restaurant or at any other establishment where gratuities from customers are part of your compensation? I hope you got lots of financial thanks for doing your job well, but remember that those tips are taxable income.

    restaurant check tip iStock
    Whether you're dining in or, still COVID leery and getting food delivered to your home, if a tip isn't included on your restaurant or delivery bill, click the image above to calculate how much to tip the person who brought it to you.

    If you got at least $20 in gratuities in January, you must account for the tips today by using Form 4070 to report last month's tips total to your employer.

    Feb. 12: Are your ready Chiefs, Eagles, and special television commercial fans? It's finally Super Bowl Sunday! Not only will today's 57th Super Bowl decide American professional football's champion, it's also the biggest single betting day of the year. The NFL, like the other professional U.S. sports leagues, have embraced betting. Just remember, if any of your wagers pay off, 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. 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. I don't want to spoil your Heart Day celebration, but this means the IRS can come after either spouse for payment of a tax bill, even the husband or wife who is in more dire financial circumstances.

    Feb. 15: Today is the day that the Internal Revenue Service finally can issue refunds to filers who claimed the Earned Income Tax Credit (EITC) or additional Child Tax Credit. But don't spend the money just yet. Even if you're getting your tax refund directly deposited, the IRS' general processing time plus protocols of financial institutions receiving the refunds you’re your tax cash probably won't actually show up in your account until the end of this month.

    Feb. 20: Today is one of the reasons for tax refund delays. It's the Washington Birthday federal holiday, 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 is popularly known as Presidents' Day. That means we've got to give another 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're ready to work on your tax return, but you're on a budget. No worries. The IRS and its Free File Alliance partners again offer no-cost online tax preparation and electronic filing to eligible taxpayers at the IRS' special Free File web page. This year, seven tax software companies are participating.

    IRS Free File; click image for details

    The Free File income threshold this year remains at adjusted gross income (AGI) of $73,000 or less, regardless of your filing status.

    Feb. 28: Wow! February really did speed by, especially since we were having so much tax fun. Or maybe you weren't having any fun at all trying to do your taxes yourself, even with software's prompts, and have decided to turn to professional tax help. That's a smart move, and here are some tips on how to find the perfect tax professional for your filing and planning needs. Note, though, that at this point in the filing season, you're likely to be placed at the end of that tax pro's very long client queue, as reputable tax preparers' calendars fill up fast. So again, be patient. You're at least now in tax filing line.

    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.

State Tax Help

  • Don't forget your state taxes!
    Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

    State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

  • Tax Forms
    Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Forms 2023 page.

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    I am not a professional tax preparer.
    The content on Don't Mess With Taxes is my personal opinion based on my study and understanding of tax laws, policies and regulations. It is provided for your private, noncommercial, educational and informational purposes only. It is not a recommendation of any specific tax action(s) you should or should not take. Similarly, mentions of products or services are not endorsements. In other words, my ramblings on the ol' blog are free advice and you know what they say about getting what you pay for. That's why when it comes to filing your taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent or other qualified tax preparer who is familiar with your individual tax circumstances.

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COVID-19 & Taxes

  • COVID-19
    Coronavirus has wreaked havoc
    on the 2020 and 2021 tax seasons.
    These three Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020,
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    January-December 2021, and
    January-December 2022
    You can find medical coronavirus resource links in the next section.

COVID-19 Resources

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February 2023

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Tell it to the Hill

  • DMWT Politics Posts
  • While it's easy to rail at the IRS, for the most part we can thank — or blame — our tax laws on Congress and the White House. So if you have an issue with tax legislation or want a tax bill passed, you need to let your federal legislators and the White House occupant know of your concerns. You can find out who in Washington, D.C., to contact (and how), as well as get information on your local lawmakers for matters, tax or otherwise, closer to home, at USA Gov.

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