Money Monday: Dates that Can Mess with Your Money

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Faithful Finance

First Half Calendar for 2024

Today we begin with the notion that you have made or are setting some financial goals or resolutions for the new year. To help you plan I have decided to provide a financial calendar road map for the next six months.

January 2024

  • Right from the beginning on January 10th, you will note that the first social security checks for the year will be disbursed. These payments will include a cost of living adjustment increase of 3.2% in your income.
  • The 15th of January is the last day for your to register for health insurance for 2024 unless you meet certain exceptions such as getting married, having a baby, lost your insurance or experienced some other significant life changing event.
  • The 16th of January is noteworthy because it’s the last day for you to pay any 2023 estimated tax payments to the Internal Revenue Service (IRS). Now, paying estimated payments is not required on that date if you somehow can file your 2023 tax returns by January 31, 2024 and pay any associated tax liabilities at that time.
  • Finally, January 31, 2024 is important because you should have received your W-2’s of 1099’s for employers and other income providers. It would also be prudent to file as soon as possible to prevent fraudulent persons from filing tax returns on your behalf or in your name.

February 2024:

  • February 9th is cutting your cable cord day and you will be well-advised to review your cable costs then as you manage this monthly expense and reduce this expense which seems to increase annually and spiral out of control.
  • On or about February 17, the IRS will begin to issue tax refunds if you file early and choose to receive your refunds by direct deposit.

March 2024:

  • If you are intending to sell your house or downsize this year, March is the ideal month to list your house. According to Zillow, houses listed in March sell at a faster rate than those listed in other months.
  • If you have a healthcare flexible spending account, the grace period may end on March 15, 2024. You may want to look at that account now and plan to expense your account accordingly.

April 2024:

  • April 1st, is the deadline to withdraw your Required Minimum Distribution if you turned 73 years old in 2023. Required Minimum Distributions are allowed from your traditional IRA or 401(k).
  • April 15 is the deadline for filing both your federal and state tax returns. While this is generally known, what is often the reality is that people do not file extensions and end up incurring penalties and interest for failing to file taxes on time. File an extension irrespective of your financial disposition when April 15, 2024 arrives.

May 2024:

  • May 2nd is National Life Insurance day and would be a good time to review your life insurance policy that week. If you are seeking a better policy or looking for one, you should go to AccuQuote.com or PolicyGenius. Com
  • If you have filed your tax return on time and expect a refund, you can begin tracking your refund by May 15, 2024 at www.irs.gov/refunds or call (800) 829-1954.

June 2024:

  •  June 15, 2024 is the day for you to pay estimated taxes to the IRS based upon how much you owed for tax year 2023. If you did not owe taxes in 2023, then you should have no issue.
  • June 30, 2024 will be the final day in which you can file your Free Application for Federal Student Aid) for the 2023-2024 academic year. It could also be the final date on which you might be able to obtain student loans for the academic year.

There you have it! Some of the financial events highlighted which are occurring each month as you plan and get on track financially. Next week we will begin to examine your mindset as you build stewardship in 2024.

THAT’S WHAT’S UP!

Today’s What’s Up is about what’s up and what’s down in 2024. This year expect to see cuts in interest rates for auto loans, credit cards interest and mortgages as the Federal Reserve reduces interest rates. This could be good news if you are house shopping or looking to replace your vehicle. Just wait a few more months and you may be paying less for those items. However in the case of vehicles, gas prices would continue to fall, but vehicle insurance costs will increase in 2024. And that’s what’s up!

Ruthven R. Phillip, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Assistant, and CEO of Give2Getrich, LLC. Give2Get Rich, LLC 2023. All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.

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