Each new year we find ourselves engaged in making resolutions. For some, they revolve around health, whether that be physical or mental. For others resolutions involve finances. Financial resolutions that address money basics such as debt reduction, credit, investing, asset or wealth acquisition, saving and spending are common.
in 2025 the main factor that may prohibit financial progress on our resolutions could be inflation. It’s almost impossible to achieve financial goals when the cost of everyday consumer basics keep rising almost daily. So, here are a basic factors to keep in mind as you make your new year’s financial resolutions, yet, remember to set realistic goals. If you plan realistic goals in your finances, success is more likely to be achievable.
Now, what’s the plan for 2025? Here are the following dates to pay attention to for the first six months of the new year.
January
January 15, 2025 is the final day to acquire health insurance through Healthcare.Gov. However, keep in mind that if you fail to change or enroll in an insurance by January 15, 2025, you can still do so beyond this date if you get married, have a baby or have experienced a life event which qualify for special enrollment.
January 15, 2024, is the final day to make estimated tax payments for tax year 2024.
Another calendar date is January 31, 2025. This is the day when your employer or contractor should be sending out your W-2 or 1099 which is required for the filing of your income tax return. .
February
There are two financial dates to keep in mind during February, the 5th and 17th. From February 5th, it may be a good time to purchase a cruise and discounts are offered. You can plan your winter get away early and save some dollars instead of waiting until the last minute.
The other date is that from February 15, 2025, if you had filed your tax returns early and elected to receive your refund through direct deposit, you could start receiving your refund.
March
March 15, 2025 is the final day to use your unspent Flexible Saving Account ( FSA) funds for medical expenses . Be advised that not all FSA expenses are treated equally. There are some expenses which may require more detailed proof, support or evidence than others to be eligible for deductions. However the general health care expenses eligible are medical, optical and dental.
Further, March 31, 2025 is the last day for Medicare Advantage open Enrollment. It is also the last day to change plans or discontinue coverage.
April
There are two financial dates to keep in mind during April which are the 1st and 15th. April 1st is important if you are at least 73 years old in 2024. If you were, this is the last day for you to take your Required Minimum Distribution (RMD) from your employer’s sponsored retirement plan or your traditional IRA. Failure to do so will result in a penalty.
Although April 15, known as tax day, happens each year, we continue to remind individuals that it is the filing deadline. More importantly, if you are unable to file on that day, you should file an extension.
May
May 15, 2025 is important to note if you have filed your taxes early and still have not received a refund. If that is your disposition, please go to www.irs.gov/wheres-my-refund or call the IRS refund line at 1-800-829-1954.
June
There are two financial dates to keep in mind during June which are the 16th and 30th. June 16th is important because you are required to submit estimated tax payments for 2025.
June 30th is also important because it is the last date to submit your Federal Student Aid (FASA) application form for the 2025-2026 academic year.
These financial dates are provided to help us plan and navigate the way ahead and you make your financial resolution, goals and plans for the first half of 2025.
WHAT’S UP! Today’s What’s Up is about jobs. As we begin the new year some individuals will be seeking new employment opportunities. The news is that a recent conference board survey indicates that employers will raise their salaries budget by almost 4.00 % in 2025. If you are seeking a pay increase this may be a viable option to consider. 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 2025. All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.
