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Daily Tax Tips February 2015

We're into the heart of the 2015 tax filing season, with tax statements finally arriving and folks filling out their 1040s in a flurry.Tax_tip_icon_pencil_point

Although February is the shortest month of the year -- and the tax season -- it still offers plenty of days and ways to save on your taxes.

To help accomplish that goal, we have February's list of Daily Tax Tips.

As with the January tips, this page will collect tax tidbits that appear each weekday in the upper right corner of the ol' blog through April 15.

If you happen to miss one or more tips when they're posted there, catch up here and at the other 2015 monthly tax tip compilation pages.

So since February is short and tax time is a-wasting, let's get to it. Here are the Daily Tax Tips for February 2015.

  1. Reporting gambling winnings -- Lady Luck must be Uncle Sam's cousin, because taxes must be paid on all gambling winnings. This tax fact is true regardless of whether you won a big Super Bowl bet or a few scratch-off lottery dollars. Here's how to report the betting payout to the IRS. (Feb. 2, 2015)
  2. Taxable vs. nontaxable income -- It might seem like the "Taxman" gets his hands on every penny you make, but there are some items items from which Uncle Sam doesn't take a cut. Here's a look at what you have to count and what you can forget about at tax time. (Feb. 3, 2014)
  3. Standard or itemized deductions? -- Deductions reduce your taxable income. Less income usually means a smaller tax bill. So which deduction method, standard or itemized, should you use? That's easy. Pick the one that will help you get the lowest tax bill. (Feb. 4, 2015)
  4. Using taxes to reduce taxes -- Paying taxes at any level is never fun. But some state and local taxes can be a real tax reduction strategy. Many are deductible on your federal tax return. (Feb. 5, 2015)
  5. 10 often overlooked tax breaks -- So that you pay Uncle Sam as little as possible, you need to take every deduction, credit, or other income adjustment, often called above-the-line deductions, you can. Don't miss out on these 10 tax breaks. (Feb. 6, 2015)
  6. Four ways to get your tax refund -- If you don't need all of your federal tax refund in a single lump sum, split it up. The Internal Revenue Service makes it easy to send your refund to three separate financial accounts, as well as use your tax-back cash to buy savings bonds. Just make sure you enter the proper account numbers or splitting a tax refund could lead to a splitting headache! (Feb. 9, 2015)
  7. Married couple filing choices, joint or separate -- If you're married, you have two options when comes to filing status, married filing jointly or separately. Joint filing is usually better, but sometime separate returns are warranted. Remember, same-sex married couples, this applies to you on the federal tax level. Check with your state tax department about its filing requirements and filing status options. (Feb. 10, 2015)
  8. Alimony's tax ramifications -- When wedded bliss fades and the divorce court does officially do you part, then both ex-spouses need to pay attention to the tax issues related to alimony. The paying former partner gets a tax deduction. The spousal support payments count as taxable income for the receiving ex. And don't confuse this post-marital money with child support. (Feb. 11, 2015)
  9. Dirty Dozen tax scams -- Tax filing season means it's also tax scam time. The Internal Revenue Service keeps track of these criminal endeavors and each year issues a list of the 12 most egregious tax cons. Many of the scams show up every year. Others are new or tweaked. Some of the cons are pretty straightforward, as much as any criminal enterprise can be. Others are more elaborate. Whatever form they take, don't fall victim to any of the Dirty Dozen tax scams of 2015. (Feb. 12, 2015)
  10. 6 tax terrors -- Taxes can be scary on Friday the 13th or any day of the year. But here are ways to confront and defeat six common tax fears. (Feb. 13, 2015)
  11. Picking the proper tax software -- Most taxpayers now use tax software. It makes filing faster and easier, as long as you pick the product that's best for your tax situation. (Feb. 16, 2015)
  12. Sales tax deduction lives! For now -- If you live in one of the nine states that don't tax wage income and itemize deductions on your federal filing, you're in luck, at least when it comes to your 2014 return. The option to claim state and local sales taxes paid instead of income taxes is still available, renewed just before the lame duck Congress ended last December. The future of this tax break, however, is unclear. Congress must renew it for 2015 and beyond, either as part of another tax extenders package or overall tax reform. (Feb. 17, 2015)
  13. Writing off job hunting costs -- Did you look for another job last year? You might be able to deduct those job search costs. Two things to remember. First, you must itemize. Second, the costs must be more than 2 percent of your adjusted gross income. (Feb. 18, 2015)
  14. Watch out for wash sale rules -- Don't be in such a hurry to buy back a stock you recently sold. Your tax deduction could be washed away thanks to the wash sale rules. These restrictions on buying back the same or substantially similar stocks you sold at a loss essentially invalidate the immediate tax benefit of dumping your losing assets. (Feb. 19, 2015)
  15. How your kids can be a tax credit to you -- It costs a lot to raise a family, but Uncle Sam helps with a variety of child-related tax breaks. Among the most popular kid-related write-offs are the child and additional child tax credits. (Feb. 20, 2015)
  16. Tax breaks to cover college costs -- The Internal Revenue Code offers a variety of ways, from 529 plans to credits, deductions and more, to pay some of the ever-increasing costs of higher education. (Feb. 23, 2015)
  17. Adoption tax credit -- If your family grew thanks to adoption, you know the process can be expensive. But your good old Uncle Sam can help cover some of the costs of adding to your family. The tax code provides both the adoption tax credit and the income exclusion for employer-provided adoption benefits. For 2014 returns, the amount is $13,190. (Feb. 24, 2015)
  18. Tax help to take care of your parents -- If the tables have turned and you're now caring for an aging mom or dad, the tax code might be able to help. You might be able to claim an elderly parent as a dependent. You might even be able to count the folks' many medical expenses that you pay for as itemized deductions on your tax return. (Feb. 25, 2015)
  19. Where's my tax refund? -- That's a question that millions of taxpayers who file early anxiously ask every year. The Internal Revenue Service offers several ways for you to track down your refund. After you find it, then all you have to do is decide whether to spend or save the tax cash. (Feb. 26, 2015)

Check out:

January 2015 Daily Tax Tips

March 2015 Daily Tax Tips

April 2015 Daily Tax Tips

Can't get enough tax tips? Check out the rest of the news and advice at Bankrate's Tax Guide, as well as Don't Mess With Taxes' ever-growing collection of year-round tax tips and money moves.

Today's Tax Tip

  • Don't miss June 16 estimated tax due date — It’s estimated tax time again. The second payment for tax year 2025 is due Monday, June 16. The good news is you get an extra day, since the official June 15 due date is Sunday (which, by the way, is Father’s Day). The bad news is if you miss it, you could end up owing penalties and interest when you file next year. Here’s a look at the estimated tax rules, and ways to pay if you have income not subject to withholding. (June 10, 2025)


  • Tax Tip; click pencil for all tax tip links

  • The 2025 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 2025 Continues!

    We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 27, the IRS said it expected more than 140 million individual tax returns for tax year 2024 to be filed by April 15. When the month started, the agency was around 39 million short of that number. While many taxpayers no doubt got their 1040s in by Tax Day, million every year get an extension to file. That's fine.

    In fact, the Internal Revenue Service appreciates some of us spreading out our tax submissions. It gives the agency time to process the surge of returns that arrive en masse on April 15.

    But enough about Uncle Sam's tax collection issues. The focus now is on all y'all who filed for extensions, giving you another six months to complete your return. Let's get started on meeting that new Oct. 15 deadline. It will be here before you know it.

    The monthly tips and reminders a little further down this column can help you finish up your extended Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your 2025 tax bill.

    The monthly tips and reminders a little further down this column can help you finish up your extended Form 1040. There also will be tax tidbits each month that make sure you meet other tax deadlines. And, of course, you'll find advice on ways to cut your 2025 tax bill.
    Note: I'm in the Central Time Zone, so adjust accordingly for where you live.


Time for Tax Tasks


  • monthly tax moves


  • ☀️ Hello 🌞 June! ☀️
    Your radiant face, bringing us the start of summer, is long overdue. We need your consistent warmth and a sunny attitude to fully recover from tax season, even one that didn’t throw us too many curveballs.

    via GIPHY


    And let’s be honest. We’re not really in the mood for summer tax tasks. But there are some that do need attention, especially if you got an extension to file back in April. Taking care of these tax matters now can make the coming 2026 filing season go smoothly. Even better, some tax moves can mean you’ll owe Uncle Sam less. So grab your sun visor, and let’s get to them!


  • June 1: Summer conjures dreams of lazy beach days. But for full-time coastal residents, June also brings the start of the annual Atlantic (and Gulf of Mexico) hurricane season, which runs through Nov.  30. Federal forecasters once again are forecasting a more active than usual hurricane season. And while the tropical storm season heats up in August and September, now is the time to get ready.

    Hurricane satellite image

    Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) Climate Prediction Center say we could get 13 to 19 total named storms, which are those with winds of 39 mph or higher. Of those, six to 10 are forecast to become hurricanes, meaning winds of 74 mph or higher. Three to five of the storms this season could become major hurricanes; that’s category 3, 4 or 5, with winds of 111 mph or higher.



    Regardless of the count, it only takes one to wreak havoc. The countdown clock above can help you keep track of how many more days you have to worry about tracking any size or type of tropical storms. You also might want to check out the ol' blog's Storm Warnings collection of special pages with posts offer tax advice on preparing for, recovering from and helping those who sustain damages from the many ways that that weather goes wild.

    June 6: With school out, working parents need to make child care arrangements. Consider day camps. I know, many filled up earlier this year, but check out the options in your area. Not only do day camps offer some supervision of your kiddos while you're at the office, the activities' costs also count toward claiming the child and dependent care credit.

    June 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 get all the tips you deserve for doing your job well. Remember, though, that those tips are taxable income.

    restaurant check tip iStock
    Whether you're dining at your favorite eatery or getting food, groceries and/or prepared meals, 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 May for your extraordinary services 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.

    June 14: Happy Flag Day! It's not a day-off-work federal holiday, but Flag Day has been an official day to celebrate the Star-Spangled Banner since 1949. If you need to buy a U.S. flag to fly today, you also might get a tax break. Several states exempt the national symbol from sales tax. Check with your state's tax department to see if you can save on your patriotic display.

    June 15: Happy Father's Day!

    Happy Father's Day


    Dad might not say so, but he appreciates being recognized, so take time today to let him know you care. And if your father is getting on up in years, take the time when you visit to make sure he doesn't need some added help from you. If you provide papa a little, or even a lot of assistance, there's a chance you could get some help from a couple of tax credits.

    June 16: It's Tax Day again, this time for taxpayers living and working abroad. That includes military personnel posted outside the United States or Puerto Rico. This automatic filing delay until mid-June officially is on 6/15, but is a day later this year because the 15th was on Sunday.

    Today, June 16, also is the one-day-later deadline for the second estimated tax payment for the 2025 tax year.

    June 19: It's Juneteenth. This date marks when Texans finally received word that all slaves were free. And although it is our newest federal holiday, and is celebrated on June 19, not on a nearby Monday, it is the oldest nationally celebrated commemoration of the ending of slavery in the United States.

    Juneteenth


    June 20: At 10:42 p.m. Eastern Time it’s official. Summer is here, arriving on this longest day of the year.

    Summer sun

    It’s also a dangerous season for many who don’t have air conditioning. Many charitable groups help people cope with the heat. If you itemize, your gift to such IRS-qualified nonprofits this summer — or any day in any season in 2025 — could be tax deductible on the tax return you file next year.

    June 30: If you got an extension to file back in April, you don’t have to wait until the final Oct. 15 deadline to do so. You can get this tax task out of the way so you don’t have to think about it for the rest of the summer. You also might be able to file electroncally at no cost if your adjusted gross income (AGI), regardless of your filing status, is $84,000 or less by using the official IRS.gov Free File website.

    IRS Free File; click image for details

    Eight software companies are part of this year’s IRS-Free File Alliance partnership option at IRS.gov. They will be available through the Oct. 15 extension deadline, but again, you don’t have to wait. And if your income is too high, you still can file for free by using Free File's Fillable Forms option.

    Small Business Tax Calendar: If you run your own company, you know there are myriad important filing, deposit and record keeping dates throughout the year that your company needs to meet. You also can track key business and individual tax deadlines in IRS Pub. 509.

State Tax Help

  • Don't forget your state taxes!
    Forty-two states and D.C. collect personal income taxes. But even if you live in of the eight states without any 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 2025 page.

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    The content on Don't Mess With Taxes is my personal interpretation and 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. While I work to ensure each post's accuracy, the items are not recommendations of any specific tax action(s) you should or should not take. Similarly, mentions of commercial tax products or services are not endorsements.

    In other words, my ramblings on the ol' tax blog are free advice, and you know what they say about getting what you pay for. That's why when it is time for you to file your own taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent, or other reputable, qualified tax preparer who is familiar with your individual tax circumstances.

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  • 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
    …and, alas, into 2024
    It is 2025 and, yes, it's still an issue
    You can find medical coronavirus resource links in the next section.

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