February is for tax lovers. OK, more like tax refund lovers.
February is the shortest month of the year, but it's full of holidays, official and otherwise.
There's Groundhog Day and Valentine's Day and Washington's Birthday and Mardi Gras and Ash Wednesday and Chinese New Year. The list goes on and on.
Then there's Sunday, Feb. 11. That day the Kansas City Chiefs and San Francisco 49ers face off in Super Bowl LVIII to decide the NFL championship. This biggest single sporting event in the United States also is major gambling day worldwide.
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.
It's definitely a good thing that this Leap Year we get a 29th day for all these events, as well as the tax tasks we need to take in February.
Second month, first in tax attention: Yes, taxes. You need to shoehorn them into your full February calendar, especially if you are expecting a refund.
This month, most of the tax statements needed to file finally arrive, albeit a bit later than the Jan. 31 mandated distribution date. But with that info now in hand, it's time to complete your taxes and get the Internal Revenue Service working on issuing your refund.
And about those refunds. Some early filers who got their 1040s to the IRS when tax season 2024 opened on Jan. 29 should get their tax money this month.
Filing and refunds are just two tax matters that drive the ol' blog's monthly tax tips. Other pieces of tax advice this February will offer ways to help you get an early start on reducing your already accruing 2024 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 29 days, let's get start spreading some of this February's fabulous tax love!
- Tax moves to make in February 2024 — In February, our thoughts turn to taxes. I know, since this month is the home to St. Valentine's Day, you were expecting love instead of taxes, which typically generate the opposite emotion. But February is a big tax month, in part because it's the first full one of the annual filing season. Here are 4 tax moves to consider during this Leap Year's 29 days of February. (Feb. 1, 2024)
- Filing an amended return sometimes pays off — 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 an amended tax return using Form 1040-X. (Feb. 2, 2024)
- Open a bank account so IRS can direct deposit your tax refund — 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 a bank or other financial account because associated fees and other requirements are a problem, there are some lower-cost options. Check them out so you can open an account before you file. (Feb. 3, 2023)
- IRS TACs to open longer, some on Saturdays — Do you need help on a tax matter that's not related to filing your tax return? Internal Revenue Service representatives at Taxpayer Assistance Centers (TACs) nationwide can help. And now getting that in-person assistance is easier. IRS TACs will be open more hours, and some on Saturdays. Even better, on these days, you don't need an appointment. Taxpayers can just walk in to their nearest TAC for face-to-face help. (Feb. 6, 2024)
- 8 reasons to file a tax return even if you don't have to — Nobody likes filing a tax return, so why should someone who isn't legally required to file go ahead and send the IRS a Form 1040? The biggest reason is because filing might get you a tax refund. If that's not enough, here are more situations where filing even if you don't have to can pay off. (Feb. 8, 2024)
- Feb. 15 is deadline for disaster area 2022 extended returns — A rampaging Mother Nature pushed 2022 tax deadlines for some into 2024, specially a Feb. 15, 2024, Tax Day for those in 8 states and 2 U.S. territories who previously had extended their return filing until Oct. 15, 2023. The extension filers live in Florida, Georgia, Hawai'i, Illinois, Louisiana, Maine, Massachusetts, South Carolina, and the U.S. territories Guam and the Northern Mariana Islands. In addition, some 2023 filings and payments in other disaster areas were pushed to Feb. 29 and June 17. (Feb. 9, 2024)
- Super Bowl winning wagers are taxable income — Have you placed your Super Bowl bets yet? If they pay off, including any non-football wagers related to Taylor Swift and her Kansas City Chiefs boyfriend Travis Kelce, you'll owe the Internal Revenue Service tax on your winning wagers. (Feb. 11, 2024)
- Separate tax return filing considerations for married couples — Valentine's Day is for lovers, but when it comes to taxes, sometimes couples need to go their own ways. Here seven things married couples should consider in deciding whether to file separate tax returns. (Feb. 13, 2024)
- Special sales tax holiday savings in February for AL & MD shoppers — Most sales tax holidays are in late summer and focus on back-to-school items. But a handful of states hold additional tax-free events. Two are coming up this February, with special tax savings for Alabama and Maryland shoppers. Maryland's annual Energy Star Holiday. Starting at 12:01 on Saturday, Feb. 17, and until 11:59 p.m. Monday, Feb. 19. Alabama's annual Severe Weather Holiday helps wrap up the month, starting at 12:01 a.m. on Friday, Feb. 23, and runs until midnight Sunday, Feb. 25. (Feb. 15, 2024)
- Tips for tax-filing first-timers — Filing your first ever tax return this year? Welcome to the taxpaying club. These 8 tips could help make your tax filing initiation a bit easier. (Feb. 17, 2024)
- IRS tax notices do's and don'ts — After putting some tax notices on hold during the COVID-19 pandemic, the Internal Revenue Service has resumed delivery of collection letters. If one of these notices or any other official IRS letter shows up in your mail box, don't panic. While getting a letter from the IRS (even a new, easier to read one) is always a little unnerving, it doesn't necessarily have to be a big deal. In many cases, the issues that prompted the IRS tax notice can be quickly resolved. These 10 tips can help you deal efficiently and effectively with an IRS notice. (Feb. 18, 2024)
- Presidents Day sales can offset high state sales taxes — The federal holiday on the third Monday of February technically celebrates just George Washington's birthday. But the day has morphed into Presidents Day, and is as well-known now for its sales (Need a new mattress?) as U.S. Commanders in Chief. But the sales savings can help counter high sales taxes in some states. Plus, this month two states are holding special, and official, sales tax holidays. Maryland's Energy Star appliances tax holiday wraps up at midnight Feb. 19. Alabama's Severe Weather tax holiday runs Feb. 23-25. (Feb. 19, 2024)
- Feb. 24 is this year's first IRS TAC walk-in Saturday — If you need to talk face-to-face with an Internal Revenue Service representative about a non-filing tax matter, the IRS is ready for you. The tax agency is again opening some of its Taxpayer Assistance Centers (TACs) nationwide on Saturdays, no appointment needed. This year's first Saturday TAC walk-in help openings are Feb. 24. (Feb. 21, 2024)
- Signs you should withdraw your ERC claim — As the IRS continues its efforts to combat Employee Retention Credit (ERC) fraud, it's encouraging businesses that might have been suckered into applying for the tax break to re-evaluate their claims. If you spot one of these seven signs of an improper ERC filing, you still have time to withdraw the claim and avoid penalties. (Feb. 25, 2024)
- IRS watchdog warns of lax IRS data security — We all know to be careful about sharing our personal and financial data. But what about when we must share, like with the IRS? The Treasury Inspector General for Tax Administration (TIGTA), the agency that keeps an eye on the IRS, says the agency needs to plug some security gaps when it comes to taxpayer data. (Feb. 27, 2024)
- 6 tax credits for lower- to middle-income taxpayers — If your pay isn't as much as you want or deserve, the tax code might be able to help. These six tax credits could provide some financial assistance at tax filing time to lower- and middle-income individuals workers. (Feb. 28, 2024)
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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. But don't despair. Tax info will replace that fun and folksy "Whoa up!" GIF as the months arrive.
And the rest of 2024's months and tax tips will be here before you know it, and for many of us, arrive 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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