When it comes to important financial dates, most of us automatically think of Tax Day in April. But there are plenty of other notable days on the calendar in the world of personal finance. Some are deadlines, some are opportune times to save money and others may serve as helpful reminders to refocus your attention towards your own financial stability.
There are a few important financial dates to mark on your calendar for 2024.
FAFSA Form Becomes Available
Dec. 31, 2023
Your first step in financing your college education should be applying for federal loans. To do this, you’ll need to fill out the Free Application for Federal Student Aid, better known as FAFSA.
Although the form becomes available on Dec. 31, you do not need to submit it right away. The federal deadline is June 30, 2024, although some schools may have earlier deadlines.
First Required Minimum Distribution
According to the IRS: You have to begin taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (73 if you reach age 72 after Dec. 31, 2022).
The last day to file federal taxes in 2024 is April 15, UNLESS you live in Maine or Massachusetts. Then the deadline is April 17.
Massachusetts Sales Tax Holiday Weekend
Many states across the country have sales tax holidays, including here in the Northeast. During these holidays, which typically last a week or weekend, sales tax isn’t applied to certain merchandise. Such is the case in Massachusetts, which holds an annual sales tax holiday weekend, typically in August. During this weekend, all personal use items under $2,500 are tax free. Some major exemptions include meals, tobacco products, alcohol, and utilities like gas and electricity.
National Nonprofit Day
People are in need now more than ever before in recent memory. Yet the number of Americans donating to charity has fallen precipitously over the years. Use this holiday to consider giving to a worthy charitable cause.
Connecticut Sales Tax Holiday Week
Connecticut is the other Northeast state with a sales tax-free holiday. The third Sunday of August (in this case the ) kicks off a week-long shopping event in which all clothing and footwear are free from sales tax. Arriving just before the new school year, this is the perfect time to purchase the clothes your kids will need throughout the year at a discount.
New Jersey Sales Tax Holiday
Aug. 24-Sept. 2
While most states limit their tax-free holidays to a week or weekend, New Jersey has a 10-day holiday leading up to the school year. During this time, all school and art supplies, instruction materials and computers (up to $3,000) are tax free.
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Labor Day weekend is one of the premier times for sales. This is another prime opportunity to get discounted items you’ll need for the colder months.
The unofficial end of summer can also act as a good time to check on how well you are budgeting and saving and formulate a plan moving forward. Are you in good financial shape heading into the expensive holiday season or do you need to start putting more money aside? Are you on pace to meet any end-of-year money goals?
Medicare Open Enrollment
Medicare enrollment begins on Oct. 15 and runs through Dec. 7. During this window, you can join, switch or drop a Medicare Health Plan based on your needs and financial situation.
Deadline to File Federal taxes (If You Received an Extension)
If you requested (and received) an extension to file your federal tax returns, your final deadline is October 15.
Federal Health Insurance Marketplace Opens
The dawning of November brings with it the opening of the federal health insurance marketplace enrollment window. Those utilizing the marketplace have until Jan. 15, 2025 to choose their health insurance plan for the 2025 calendar year.
Black Friday, Small Business Saturday, Cyber Monday, Giving Tuesday
Nov. 29-Dec. 3
The biggest shopping weekend of the year arrives like clockwork each November. This may be the best time to snag deals on holiday presents, saving big bucks.
If you have any funds left over, try donating a few dollars to your favorite charities on Giving Tuesday.
Last Day To Make Contributions
Dec. 31, 2024
The final date on the calendar is the last important financial date of 2024. This is your final opportunity to make some sound money moves for the year.
Can you make one more catch-up payment on your 401k? If you are planning to make a donation, it must be done by Dec. 31 for it to be deducted from your 2024 taxes.
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