As we wrap up another year, let’s look ahead to the first half of 2023. Here is a short list of some important upcoming dates to watch for.
The first of the year is when cost-of-living increases are effective for Social Security benefits. 2023 will see an increase in 8.7% for those receiving benefits.
The last 2022 estimated tax payment for those who are self-employed is due by mid-January.
By the middle of February, most 1099 tax forms are mailed. Now is a good time to gather documents you’ve already received and take inventory of those on which you are still waiting. There are situations when tax forms that have a high probability of revisions are delayed in order to prevent corrected versions from being sent later. Check with your financial institutions for more information.
For those who did not enroll in Medicare Parts A & B during the Fall open enrollment period, there is a general enrollment period from January 1st to March 31st. This is for individuals who do not qualify for a Special Enrollment Period due to their employer healthcare coverage beyond age 65.
The annual Tax Return Filing Deadline in 2023 is April 18th. Extensions can be filed to delay until October 15th, however be aware that this does not defer payment of any taxes owed. April 15, 2023 is when the First Quarter 2023 Estimated Tax Payment is due for self-employed and contract workers.
Estimated Tax Payments for the Second Quarter are due.
While each state has its own deadline, federal student aid applications, known as the FAFSA, are due by June 30, 2023 for the upcoming academic year at the latest. Any corrections on the forms must be submitted by September 9, 2023. Check studentaid.gov/apply-for-aid/fafsa/fafsa-deadlines for more information.