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February 2023 Tax Tips

February is for doers … of taxes

Tax tip pencilAh, February. You're the shortest month of the year, but your 28 days are so full.

There's Groundhog Day and Valentine's Day and Washington's Birthday and this year Fat Tuesday and Ash Wednesday.

The biggest sporting event, and gambling day, in the United States arrives on Super Bowl Sunday, Feb. 12.

There's a week celebrating Jell-O. Really!

And, on a more substantive note, all of February's days are dedicated to Black History and extolling the many integral accomplishments of African Americans to our country.

Somewhere in there, we've also got to shoehorn some tax considerations.

I'm not sure Marc Parent was thinking of taxes when he wrote,

"If January is the month of change,
February is the month of lasting change.
January is for dreamers.
February is for doers."

But it fits, which is why the lightly annotated last line heads this page.

Second month, first in tax attention: February is the first full, albeit short, month of the annual tax season. It's when most of us begin to really focus on our taxes.

The myriad documents we need to file our 1040s finally show up (we hope!). Refunds start going out to early filers.

Those tax matters are why we have the monthly tax tips. February's collection is designed to help you take care of your taxes while you also navigate all the other more fun February events.

Most of the featured February advice will focus on filing the 2022 tax return you're working on now. But there also will be a few tax tidbits to help you get an early start on reducing your already accruing 2023 tax bill.

As always, this month's tax tips will be highlighted in the upper right corner of the ol' blog. After their time in that spotlight, the tips then will be permanently ensconced on this page.

Since we only have 28 days, let's get February's fabulous tax tips started!

  1. Open a bank account to get your tax refund sooner — You'll get your federal tax refund much sooner if you have the Internal Revenue Service directly deposit it into a bank account. If you don't have an account at a financial institution, here are some options to help you set one up before you file. (Feb. 1, 2023)
  2. When to amend a tax return — The Bill Murray movie "Groundhog Day" is a classic. Most of us have watched it, true to the film's conceit, over and over and over. Sometimes a re-do is warranted with taxes, too. Here are 8 tips if you find you need to file Form 1040-X. (Feb. 2, 2023)
  3. Tax moves to make in February 2023 — February is the month when most of us focus on, or at least begin thinking about, our annual tax filing responsibility. Here are some tax moves to help with the completion of your Form 1040 in this shortest month of the year. (Feb. 5, 2023)
  4. IRS TACs holding special Saturday hours for walk-ins — To help taxpayers who can't make a weekday appointment at an IRS Taxpayer Assistance Center (TAC), the tax agency will open some of them across the country on four upcoming Saturdays nationwide. The first Saturday TAC sessions will be this weekend, Feb. 11. The other special openings will be on March 11, April 8, and May 13. Best of all, no appointments needed at any of the TAC Saturdays. (Feb. 8, 2023)
  5. Refunds from e-filed 1040-X forms can be directly deposited — Correcting errors on a tax return filing sometimes can produce a new or larger refund. And if you e-file that Form 1040-X, now you can have your amended filing refund directly deposited. (Feb. 10, 2023)
  6. State relief payments issued in 2022 are federally tax free — There's good federal tax news for residents in 21 states who last year got some financial relief from their states. The IRS has determined that the stimulus payment amounts are not subject to federal tax. (Feb. 12, 2023)
  7. Signs married couples should file separate 1040s — Valentine's Day is for lovers, but when it comes to taxes, sometimes couples need to go their own ways. Here are 6 signs married couples should consider filing separate tax returns. (Feb. 14, 2023)
  8. Reporting gambling winnings on your taxes — Did your Super Bowl LVII bets pay off? Congratulations to you and the Internal Revenue Service. Gambling proceeds are taxable income. Here's how to report your good luck next filing season. The same process works for gambling income you got last year and need to report on your 2022 taxes by April 18, 2023. (Feb. 15, 2023)
  9. 24 tax deductions that don't require itemizing — You don't have to itemize to get tax deductions. There are two dozen possibilities found on Form 1040's Schedule 1. Officially known as adjustments to income, these still nicknamed above-the-line deductions can help all filers, both standard deduction claimants and those who fill out Schedule A, reduce their income. And that then could lower the tax bill they ultimately owe Uncle Sam. (Feb. 16, 2023)
  10. IRS notices do's and don'ts — You filed your tax return. Now the Internal Revenue Service has questions about your Form 1040. While hearing from the tax collector about your return is always a little unnerving, it doesn't necessarily have to be a big deal. But neither should you ignore the correspondence. Here are 9 tips on how to deal with an IRS tax notice. (Feb. 17, 2023)
  11. Document uploads now an option for some tax notices — The IRS has some good news for taxpayers dealing with certain tax notices. It's now letting you upload information that can more quickly help resolve these correspondence audits. So far, the IRS has limited the online answer option to just 9 notices, but the agency says it is working on expanding digital resolution to many more tax situations. (Feb. 18, 2023)
  12. Reporting your other income on Schedule 1 — If you got more than wage or salary income detailed on Form W-2, you still need to report that other income to the Internal Revenue Service. That's done on Form 1040's Schedule 1. Here's a look at that tax form and what goes where. (Feb. 22, 2023)
  13. Toasting taxed margaritas — Did you raise a margarita to toast the cocktail's national day on Feb. 22? Or on any other of the 364 days? Here's a look at the federal and state alcohol taxes that are part of that tequila-based beverage's recipe. ¡Salud! (Feb. 24, 2023)
  14. State tax filing time, too — Most U.S. taxpayers have to do double duty on Tax Day, since 42 states and the District of Columbia levy state (and, in some places, local) personal income taxes. Most of these jurisdictions also follow the Internal Revenue Service Tax Day schedule, meaning all these forms are due this year on April 18. (Feb. 28, 2023)

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Looking for some more tax tips? Then click on the January link below to see what was featured last month.

And yes, you can click on the March through December links, too. They are live. But they don't have any tips yet because, well, they're not here.

Instead, you'll be greeted by an animated nay-saying fellow making good use of one of my favorite Texas sayings. Tax info will replace that fun and folksy GIF as the months arrive.

Don't worry. The rest of 2023's months and tax tips will be here before you know it, and for many of us, before we're ready to file our 1040s! Time really does fly when you're having tax fun.

January July
February August
March September
April October
May November
June December

 

 

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Today's Tax Tip

  • Student loan repayment tips — Around 40 million former college students had their loan repayments put on pause during the COVID-19 pandemic. This month, those payments are back on schedule. Check out these 4 tips to help you deal with the resumption of this higher education obligation. (Oct. 1, 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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Tick ... Tick ... Tick

  • Tax Season 2023 Continues!

    Tax Day 2023 is finally over … unless you're one of the millions who have more time to file — looking at you taxpayers abroad and those in major disaster areas — or you got an extension to file your 2022 tax year return. That's fine. In fact, the Internal Revenue Service appreciates some of us spreading out our filings, especially when it means we are taking the time to submit a complete and correct return.

    This tax focus shift means the ol' blog will continue to provide filing tips through the Oct. 16 extension deadline. Yep, it's a day later this year, since 10/15 is on Sunday. But I haven't forgotten my organized taxpayer readers, who are looking for ways to reduce their 2023 tax year bills. Yep, that amount already is adding up, but there are moves you can make. The monthly tips and reminders a little further down this column can help everyone, regardless of which tax year now is in your sights.

    Those on extension should also keep a keen eye on the countdown clock below. It will help you track the days tick, tick, ticking off toward that absolutely final fall filing due date. They'll speed by quickly when you're having tax fun, and aren't we always 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 👻 👻 👻 Ghouls
    Spooky October is here!

    Halloween, of course, is one reason that October is the most BOOtiful month of the year.
    But the impending mid-October extended tax filing deadline, which is on the 16th this year, also is pretty darn scary!


    Flickering Jack O'Lanterns
    Read about the history of jack o'lanterns

    But the October tips below should help at least ease our tax fears this month.

  • Oct. 1: This month, folks who borrowed money to pay for their college courses must start paying it back after a 3½-year pause that began with the COVID-19 pandemic. If you're one of the 40 million who now must come up with monthly payments, these 4 student loan repayment tips might help.

    Oct. 6: The deadline for most procrastinators to file their extended 2022 tax year returns is just 10 days away. If you're going to use this first October weekend to at least start working on that 1040, check out the ol' blog's monthly tax tip links a bit higher up in this column. The January through April ones should be most helpful.

    And since you'll probably file electronically, why not do it the least expensive way. For many, that's by using Free File, the online tax preparation and e-filing option that's, as the name says, free for taxpayers whose adjusted gross income (AGI) is $73,000 or less, regardless of your filing status.

    IRS Free File; click image for details

    It's still operational. You can select from seven tax prep companies that are part of the Free File Alliance and participating at the IRS.gov site.

    Oct. 9: So we're heading into another week and you've still not finished your extended tax return. No judging. I've been there. The good news is that today is the legal, federal Columbus Day holiday or, in many states and cities, now designated Indigenous People's Day. If you don't have to go into work, this is a great day to work on your soon-due tax return.

    Oct. 10: If your job is 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. Remember, though, that those tips 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.

    And if you got at least $20 in gratuities in September for doing a good job as a food server or hair stylist or parking valet or whatever job where tipping is common, you must report that amount by today. Use Form 4070 to let your employer know the total tips you took in last month.

    Oct. 16: This is it! The absolutely final deadline to file your 2022 tax year return. Not to belabor things, but in addition to the filing tips mentioned earlier in this October tax tasks list, the IRS has some suggestions on getting the job done.

    Oct. 23: Now that you're finally done with your 2022 return, it's time to work on reducing your 2022 tax bill. One easy step to take now is to review your payroll withholding. If you find, whether you filed this month or back in April, that you owed a lot or got a big refund, you should use the IRS' online estimator tool to make sure a more appropriate amount of income tax comes out of each of 2023's remaining paychecks. If your withholding tweak gets you more money each payday, consider putting some of it into retirement savings, either your workplace 401(k) or a traditional or Roth IRA .

    Oct. 31: Sure, it's Halloween. But even scarier than the ghosts and monsters wandering your neighborhood tonight is the knowledge that we still have another month of the Atlantic/Gulf of Mexico hurricane season ahead of us.

    Hurricane satellite image


    Florida again got whacked by a major "I" storm, Hurricane Idalia, which also did major damage in Georgia and South Carolina. Others have churned out in the Atlantic this fall, so don't let up on storm preparations. The best we can do is be ready for the next system (or whatever possible disaster is common in your area). And we're likely to get at least one more tropical system, since the season officially runs through November. The countdown clock below can help you keep track of how many more days we have to worry about tracking tropical storms.



    If (when) that happens, the ol' blog's special Storm Warnings pages also can help, whether you're preparing for, recovering from, or helping those who sustain damages from the many ways that that weather goes wild. That includes claiming uninsured losses from a major natural disaster as an itemized tax deduction.

    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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    You also might enjoy these other tax tips from some of my tax-writing colleagues:

  • JK Lasser 2023 Taxes
    JK Lasser 2023 taxes

  • Dealing With The IRS
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  • JK Lassers 1001 Deductions
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    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 five Coronavirus (COVID-19) and Taxes pages have details:
    March-July 2020
    August-December 2020
    January-December 2021
    January-December 2022
    …and so it continues into 2023
    You can find medical coronavirus resource links in the next section.

COVID-19 Resources

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    Need help finding a coronavirus vaccine in the United States?
    Call 1-800-232-0233
    or TTY 1-888-720-7489.
    More information and resources at:
    CDC Vaccines
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    HHS Combat COVID
    USA.Gov COVID Info

October 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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