Customs of Tu B'shvat
This New Year of trees is not accompanied by a cessation of labor or specified feasting, nor is it mentioned specially in the prayers of the day. In order to make the day special and celebratory, certain supplicatory prayers are omitted.
It is customary to eat the fruits associated with the Land of Israel (dates, olives, figs, and pomegranates), and to partake of some new fruit not eaten yet that year, if available. The fruits associated with the Land of Israel are enumerated in Deuteronomy 8:8: "...a land of wheat and barley and (grape) vines and fig trees and pomegranates, a land of olive trees and (date) honey" (Deut. 8:8).
Another long standing custom is to pray at this time for an especially beautiful etrog (citron) for the next holiday of Sukkot.
In other words, you have almost total flexibility and creativity in celebrating this holiday! Many people have adopted a "Tu B'shvat Seder" for the evening of Tu B'shvat, based upon the writings of the students of the Arizal in the book "Pri Aitz Hadar". The holiday is celebrated with a "seder" analogous to the Passover night seder, and indeed the night marks the beginning of a 60 day period until Passover. You can find a step by step explanation of how to perform this Tu B'shvat seder on Aish.com's Tu B'shvat Seder page. That one has a version which is printable from one page, which is very helpful.