You have probably started getting 1099’s of various types for investments, school tuition, contract work or other such income sources as well as W-2s for those who have an employer. Make sure you look these over and review for any potential discrepancies. If they all look good, put them in that folder or envelope you made last month labeled “For TAXES” along with any tax related statements you have received. If something looks odd or incorrect, now is the time to make contact with that institution to get any corrections made. This will be an ongoing process for the next few weeks, so be diligent with your organization.
First Week of February – If you haven’t already, make contact with your CPA/Tax Preparer. Many will have checklists or at minimum, will want to schedule a time to review what they need. They may also have a first come, first serve list, so now is a good time to reach out. If you prepare your own taxes, this is still the best time to get things organized.
Second Week of February – If you use a bookkeeping software, run any reports and review for accuracy. If you don’t use a software, pull out those statements and other tax related documents and follow up on anything unusual or for anything missing.
End of February – Start thinking about your summer plans. Do you need to put together a budget or make reservations? Start shopping for transportation and accommodations early to get best prices and ensure you aren’t missing out on a deal.