We put together a quick honey-do and tips list for February tax and romance deadlines.


It may seem contrary to think of Valentines Day and Tax Day at the same time, but for financial planners, it makes perfect sense. Whether you are single or together with someone, you want to have a feel-good plan for that romantic holiday, and the same goes for the IRS. If you want to have a smile for tax day, that means getting started on important deadlines now.

Tax deadlines and romantic tip #1: Get started early.


Although it’s not March yet, now that you’ve received (and/or sent out) your 1099s, consider getting your taxes done. Or as much as possible, if you’re waiting on K-1s or other tax reports that take longer to reach you.

The earlier you get your taxes done, the less likely it is that someone will file a fraudulent report using your tax ID and collect a refund. Here are some more tips on avoiding what’s called “tax identity theft”.

You can get started early for Valentine’s Day. Planning takes research, collaboration, organization and action.

1. Research and reconnaissance.

2. Gift shopping and wrapping. Rough draft of love letter.

3. Reservations and confirmations of scheduled events.

4. Final draft of love letter.

5. Enjoying time together.


Tax deadlines and romantic tip #2: Get the right data.

Your gains and loss report is an important component to your tax return showing the amount of capital gains tax that you may need to pay. As a reminder, tax is owed on the gain if you sold any securities: the difference between what you paid for it (basis) and the price you sold it.

If you sold at a loss instead, use it to reduce the amount of overall gain, and pay less in tax. If your losses exceed your gains by more than $3,000, you can carry them forward into future tax years to offset future gains as well.

A realized gain/loss report provides you with the information about the gains and losses you “realized”, which are what’s taxable. Your unrealized gains and losses are only on paper and won’t become taxable until you sell them.

If you held the security for at least one year before selling, you’ll be taxed at the capital gains rate. This tax depends on your income; those earning less than $78,750 (married filing jointly) pay no capital gains tax. Between $78,750 and $488,850 the tax is 15%, and for those earning over that amount it’s 20%.

Securities held for less than a year are subject to the short-term rate, which is the same as your marginal tax rate.

We also advise getting reliable data ahead of Valentines. Are you sure your romantic partner wants chocolate and a card? Do a little research. Listen closely to your significant other or get together with friends for a brainstorm. Find out what they really want to do. Make Valentine’s Day unique to you. From our own research, cards are out and vacations are popular.



People who want to go on holiday for Valentines Day.


Spend Valentine's evening out with friends.


Filers who owed no income tax in 2018

Tax deadlines and romantic tip #3: Be generous.


Companies can capitalize Valentines affectionate glow. Bring in breakfast or pass out custom candied hearts with branded encouragements. If you want to show more love, let staff out early to spend time with family and friends. Go big by increasing your company contributions to employee corporate pension plans.

Employer contributions for partnerships and S-corps are due by March 15 (unless your business is filing an extension).

Checks must be received by April 10th if mailing to PWM. Checks should be made payable to the custodian and reference the account number and tax year in the memo section.
If mailing directly to the custodian, it must be received by April 15th.

Wires and ACH contributions must be in the account and posted by 1:00 pm PST on April 15th. Clients should not wait until the last minute to send in the wire or ACH due to the volume of requests. The custodian may not be able to post the contribution until after the deadline.

April 15 is the deadline for C-corps and sole proprietorships, unless you file an extension. In general, the contribution is due by your filing date.

Otherwise, if you’re filing extensions, the due dates are September 15 and October 15, respectively.

If you would like to open a new corporate pension, please give us a call. You will need to get new account paperwork to us by March 27th.

Are you on track for retirement?

Making sure you will be ready for retirement can be overwhelming. Funding your retirement accounts over the years is just one part of your journey to the retirement of your dreams. A Certified Financial PlannerTM can help you navigate the complexities of financial planning. Talk to a Financial Planner>

Platt Wealth Management offers financial plans to answer your important financial questions. Where are you? Where do you want to be? How can you get there? Our four-step financial planning process is designed to be a road map to get you where you want to go while providing flexibility to adapt to changes along the route. We offer stand alone plans or full wealth management plans that include our investment management services. Give us a call today to set up a complimentary review. 619-255-9554.

Dream. Plan. Do.


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