Tax Season Ahead! How to Organize in February
When you hear the words “tax season,” it may send a shiver down your spine—but it doesn’t have to be a scary or stressful experience. February gives you plenty of time to gather what you need, understand your deductions, and set yourself up for a more efficient filing experience.
When you take small steps now, you avoid the last-minute pressure and reduce the chance of errors that could delay your return.
Here’s what you can do this February to stay organized:
1.Know Which Documents You Need
Starting in February, many important tax documents start arriving. You may already have your W-2, 1099 forms, mortgage interest statements, or health insurance forms.
“Save every document in one place so you do not have to search for it later,” says Joseph Aspelund, Branch Manager of the White Plains Branch at David Lerner Associates, Inc.
“If you use a digital storage system, create a dedicated folder that you can easily share with your tax preparer.”
This is also a good time to review last year’s return. Look at which forms you used, which deductions you claimed, and whether anything in your financial life changed. If you added a new income stream, sold investments, or purchased a new home, you may need additional documents compared to previous years.
2.See Deductions and Credits You May Qualify For
American taxpayers may overpay each year due to missed deductions and unclaimed credits. For instance, IRS published research found that for the 2022 tax year, around 6 million taxpayers missed out on education credits, contributing to an estimated $6.3 billion worth of credits left unclaimed.
Once your documents are organized, review which deductions or credits you may be eligible for. If you have children in school, look at education credits. If you made charitable donations during the year, gather receipts for every contribution. Homeowners should review records related to mortgage interest or energy efficient improvements.
You may also want to check whether your withholding was accurate in 2025. If you owed money last year, adjusting now could help you avoid an unexpected tax bill next April. If you receive a large refund, you may prefer to put more of that money in your take-home pay instead. The additional cash flow throughout the year may provide greater flexibility for savings or other wealth-building priorities.
3. Maximize Retirement Contributions Before Deadline
February is an ideal month to review your retirement contributions.
Even though the calendar year has ended, you can still make contributions for the prior tax year to accounts like traditional IRAs or Roth IRAs. Increasing your contribution amount for traditional IRAs may reduce your taxable income, depending on your income and eligibility.
Consider whether your current contribution rate matches your long-term goals. If you received a raise or changed jobs recently, take a moment to review your numbers. Small adjustments now can strengthen your retirement savings over time. If you are unsure how to balance contributions across different accounts, an investment counselor can help you evaluate your options.
4.Plan Ahead for Filing and Avoid Delays
Once your documents are organized and your contributions are updated, think about how you plan to file. If you work with a tax preparer, schedule your appointment in February rather than waiting until the busy season. This gives you time to address any questions your preparer may have.
Set aside a short weekly check-in for the rest of the month. Use this time to upload documents, verify account information, or review anything that needs clarification. These small actions prevent surprises as the filing deadline approaches.
Making the Most of the “Tax Pre-Season”
Preparing for tax season becomes easier when you start early. February is the right moment to gather documents, review deductions, update retirement contributions, and plan how you will file. Taking a steady, organized approach can help you feel more confident about your return and avoid unnecessary delays.
Material contained in this article is provided for information purposes only. It is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. These materials are provided for general information and educational purposes, based on publicly available information from sources believed to be reliable. We cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual’s circumstances. Each taxpayer should seek independent advice from a tax professional based on his or her circumstances.