February is an ideal time for both individuals and business owners to review financial records and make sure everything is complete and accurate before tax returns are filed. While many key deadlines fall in January, important cleanup and confirmation work often happens in February — and taking care of it now can help prevent delays, errors, or follow-up requests later.
✔ Income Records
For individuals, this may include: W-2s and 1099s, Interest and dividend statements, Investment or retirement income, etc.
For businesses, this may include: Customer invoices and payments, Point-of-sale or sales reports, Online payment platform summaries (Stripe, PayPal, Square, etc.), Any other business income sources, Confirm that totals align with bank deposits and year-end statements, etc.
✔ Expense Documentation
For individuals, this may include: Charitable contributions, Medical expenses (if applicable), Education expenses, Mortgage interest and property taxes, Receipts for deductible items, etc.
For businesses, this may include: Operating expenses (supplies, software, advertising, utilities), Credit card and bank statements, Mileage or vehicle use logs, Home office expenses (if applicable), etc.
Think of February as your financial check-in month. Taking time now to review and finalize your records can make tax planning conversations more productive. Click HERE to download our 2026 Tax Season Preparation Checklist.Â