February often feels like the quiet month after the holiday rush—a perfect time to shift from New Year’s resolutions to actual execution. While Valentine’s Day reminds us to express love to those closest to us, this month also offers a unique opportunity to show that love in lasting, practical ways through thoughtful financial organization and legacy planning. 

Action items for February: 

• Gather all tax documents (W-2s, 1099s, receipts for Schedule A expenses) 
• Compare your potential itemized deductions against the standard deduction 
• If close to the itemization threshold, consider bunching deductible expenses in alternating years 

 Filing Issues That Might Surprise You 

Tax filing isn’t just about getting documents to your accountant. For many of our clients approaching or in retirement, there are secondary impacts to consider: 

IRMAA and Medicare Premiums: Your modified adjusted gross income from two years ago determines your Medicare Part B and Part D premiums. A Roth conversion, capital gains from selling a property, or even required minimum distributions can trigger higher premiums. If your income has decreased due to retirement or other life changes, you may qualify for a reconsideration. 

Contribution Limits: Did your income increase last year? This might be the year to bump up your retirement plan contributions. For 2026, you can contribute up to $24,500 to your 401(k) or 403(b), with an additional $8,000 catch-up contribution for those aged 50 and older. 

HSA Funding on Autopilot: If you have a high-deductible health plan, setting up automatic HSA contributions ensures you don’t miss out on this triple tax-advantaged account. For 2026, the contribution limits are $4,400 for individuals and $8,750 for families, plus a $1,000 catch-up if you’re 55 or older. 

 A Love Letter Worth Writing 

February naturally turns our thoughts to the people we care about. But beyond cards and flowers, have you considered the most meaningful gift you can give? 

We’re talking about clarity. 

Legacy planning isn’t just about wills and trusts (though those matter). It’s about documenting your wishes, your values, and your intentions so the people you love aren’t left guessing during difficult times. 

Consider these acts of love: 

Write a letter to your family explaining your financial decisions and values. Why did you structure your estate this way? What do you hope your legacy accomplishes? What matters most to you about how assets are used or distributed? 

Review your beneficiary designations. When was the last time you checked who’s named on your retirement accounts, life insurance policies, and transfer-on-death accounts? Life changes, marriages, divorces, births, deaths, and your beneficiaries should reflect your current wishes. 

Have a conversation. The most important estate planning document is sometimes just an honest conversation with your loved ones about your wishes, your accounts, and where to find important information if something happens to you. 

Your Charitable Giving Strategy 

If giving back is important to you, February is the time to put that intention into writing and into motion. 

Random acts of charity feel good in the moment, but a strategic approach amplifies your impact. Ask yourself: 

• What causes align with my values? 
• Am I giving in the most tax-efficient way? 
• Does my employer offer matching gifts that I’m not utilizing? 

Document your charitable plan for the year. Which organizations? How much? When? This simple act transforms charitable giving from reactive to intentional. 

Dream a Little 

Financial life planning isn’t just about numbers and tax strategies. It’s about designing a life that recharges your emotional health and aligns with your deepest values. 

What would restore you this year? Is it: 

• A trip you’ve been postponing? 
• More time with family or friends? 
• Learning something new or reviving an old hobby? 
• Giving time or resources to a cause you care about? 

These aren’t frivolous questions. They’re the heart of financial life planning—ensuring your financial decisions to serve your life goals, not the other way around. 

Connecting All the Pieces 

Tax organization, contribution adjustments, legacy planning, charitable giving—these might seem like separate tasks. But they’re all connected with threads in the larger tapestry of your financial life. 

When you organize your tax records, you gain clarity on whether itemizing makes sense, which informs your charitable giving strategy. When you review your contributions, you’re ensuring you’re maximizing tax-advantaged savings. When you think about legacy planning, you’re connecting your current financial decisions to the values you want to pass on. 

February is the bridge between planning and doing. The resolutions of January meet the reality of February. The intentions become actions. 

So get ready. Get set. GO. 

AUTHOR: Alexander Financial Planning, Inc. 

This material is distributed by Alexander Financial Planning, Inc. (AFPI) and is for information purposes only. Although information has been obtained from sources we believe to be reliable, we do not guarantee its accuracy. AFPI assumes no liability for the interpretation or use of this information. No portion of this writing should be construed as legal or accounting advice. All rights reserved.