Important Financial Dates to Mark on Your Calendar

A crucial part of effective money-management is staying on top of financial deadlines throughout the year to not only take advantage of money-saving opportunities but also avoid penalties and fees. Here are some important financial dates to mark on your calendar.

Being aware of important financial dates and deadlines is incredibly important when it comes to managing your money. We are all aware of the April 15 tax deadline, but there are several other important deadlines that taxpayers and investors need to know to help grow their nest eggs.

Take a look at these important financial dates and make sure your paperwork and finances are in order to meet these deadlines. Below are the deadlines for this year but deadlines can change from year to year if the due date falls on a federal holiday or weekend. In that case, the due date will be the next business day.

Protect Yourself: Be Aware of These Financial Dates

January 1: If you want to boost your retirement savings, this is the first day of the year to fund traditional IRAs, Roth IRAs and SEP IRAs for self-employed individuals and small business owners for the current year.

January 15: The final and fourth quarter estimated tax payment for the previous tax year is due on this date. Note: You do not have to file this payment due on January 15 as so long as you file your previous year tax return by January 31 and pay the remaining balance owed with your return.

March 15: This is the deadline for corporate tax returns. This is also the deadline to request an extension, if needed.

April 15:

Happy Tax Day! This is typically the deadline to file personal tax returns or to request an extension on filing paperwork. If filing for an extension, the tax payment is still due on April 15.

April 15 also marks the last day to make a contribution to a traditional IRA, Roth IRA, Health Savings Account, SEP-IRA, or solo 401(k) as well as take advantage of the last day to fund a health savings account (HSA) for the prior year.

June 17: This is the deadline for U.S. citizens abroad to file tax returns. Second quarter estimated tax payments due.

June 30: This is the last day of the year to file for the Free Application for Federal Student Aid (FAFSA) to have access to federal student loans and grants.

September 16: Third quarter estimated tax payments due.

October 1: This is the deadline for small employers or self-employed taxpayers to develop a SIMPLE-IRA.

Today is also the first day to file the FAFSA for college financial aid for yourself or a child.

October 15: If you filed an extension at tax time, this is the new deadline to file your return.

October 1 to November 1: Employer open enrollment period to change your benefits for the upcoming year. Make sure to note any benefit differences to see where you could be saving or losing money based on the plan changes.

November 1 to January 31: The annual period during which people can enroll in a new health insurance plan through Healthcare.gov.

December 31: The end of the year is the deadline to take required minimum distributions for your IRA, 401k and inherited IRAs.

December 31 is also the deadline to make a charitable donation for the current tax year.

In addition to calendar dates, there are several retirement planning milestones depending on age. For example, taxpayers are required to take required distributions from traditional IRAs by April 1 following the year in which they turn 70½ and by December 31 of later years. It’s also important to check your credit report regularly, approximately three times a year, to make sure there are no surprises or errors with the three credit reporting bureaus as you want to make sure you’re not a victim of identity theft or fraud.

Be Proactive With Your Financial Planning

Connecting with a fiduciary financial advisor is a great way to stay current on deadlines and important fiscal dates. As a trusted advisor in your financial future, fiduciaries are a great resource to help you avoid unnecessary penalties and fees. If you have already missed an important fiscal date, correct the mistake and file your paperwork as soon as possible. If you owe money that you can not pay, file the paperwork and elect to go on a payment plan with the IRS and let your financial advisor know. Working together you can create a strategic plan to navigate complex schedules and deadlines.

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