Life moves quickly. It’s easy to get distracted. But that can be costly.
Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.
Enter our “Money Calendar” series.
In this edition, we’ve rounded up the noteworthy money dates in July 2024. Take a look and mark your calendar with any dates that apply to you. And if you enjoy this series, sign up for the Money Talks Newsletter so you don’t miss the next edition. Look for it on the last weekday of every month.
July 1 — federal student loan interest rates changed
New interest rates for several types of federal student loans took effect on this date:
- Direct Subsidized Loans and Direct Unsubsidized Loans (for undergraduate students): 6.53%
- Direct Unsubsidized Loans (for graduate and professional students): 8.08%
- Direct PLUS Loans (for parents as well as graduate and professional students): 9.08%
These rates apply only to these types of loans that are first disbursed anytime from July 1, 2024, through June 30, 2025. These rates also are fixed, so they will not change during the life of such loans.
For more information, visit StudentAid.gov.
July 1-31 — Florida’s Freedom Month Sales Tax Holiday
It’s now Freedom Month in Florida — which is more than a nod to Independence Day. It’s also a month-long sales tax holiday, meaning a period during which shoppers will not be charged sales tax on certain types of purchases.
In this case, it’s recreation and outdoor items and admission to entertainment and cultural events.
Visit the Florida Department of Revenue’s website to learn more about which purchases do and don’t qualify.
July 14 — postal rate increases take effect
If you use stamps, consider stocking up soon. Come July 14, the price of a standard stamp will increase by 5 cents, to 73 cents — one of several mail service price hikes that take effect that day.
To learn more, read the U.S. Postal Service’s announcement about the price increases.
Parcel Select prices also will increase on July 14, although Parcel Select services are for high-volume shippers, not retail customers.
July 16-17– Prime Day
It’s official: Amazon’s big summer sale for Prime members is set for July 16-17 — although the early deals are already underway.
July 18 — Peacock prices start increasing
Peacock, a streaming TV service owned by NBCUniversal, will soon increase the prices of several of its subscription plans by anywhere from $2 a month to $20 a year, depending on the plan.
New customers will be charged the higher rates if they sign up on July 18 or thereafter, while those who subscribe before that will get one month at the current prices. Existing customers will see the higher prices on bills that they receive on Aug. 17 or thereafter.
Mid-July — back-to-school sales tax holidays start
July is the first month of back-to-school sales tax holidays — during which residents can buy items like school supplies, clothing and sometimes computers without paying any sales tax.
We’ve identified a few states with back-to-school sales tax holidays that fall in July:
- Alabama: July 19-21
- Florida: July 29 – Aug. 11
- Mississippi: July 12-14
- Ohio: July 30 – Aug. 8
- Tennessee: July 26-28
For more details, click the link for each state or contact its revenue department.
July 30-31 — FOMC meeting
The Federal Reserve’s Federal Open Market Committee (FOMC) generally meets eight times a year. On the second day of these two-day meetings, the committee votes on whether to change its target range for the federal funds rate. So July 31 is the next time that they might change it.
Any change to the federal funds rate can affect everything from your savings account yield to your credit card interest. To learn more about what this means for you, check out “What Is ‘the Fed’ — and Why Should You Care?”
July 31 — IRS Form 5500-EZ due
If you happen to be self-employed and participate in a one-person retirement plan, you might be required to file a Form 5500-EZ for the 2023 plan year by the end of July — or, as the IRS puts it, “by the last day of the 7th calendar month after the end of the plan year that began in 2023.”
Whether you are required to file this form depends on multiple factors, including the amount of the plan’s assets and whether 2023 is the final plan year. If you’re unsure, consider consulting a professional. Because the penalty for failing to file a Form 5500-EZ on time is steep: “$250 a day (up to a maximum penalty of $150,000 per plan year),” according to the IRS.
The Secure Act of 2019 drastically increased this penalty. Previously, it was $25 per day, up to a maximum of $15,000.
To learn more, check out the IRS’ 5500-EZ webpage.
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