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 noteworthy money dates in January 2023. Take a look and mark your calendar with any dates that apply to you.
Jan. 1 — IRS interest rates increased
The interest rates that the IRS charges individuals and companies for underpaying their taxes rose on Jan. 1, as did the rates the IRS pays for overpayments.
For details on these rates, check out “IRS Hikes Penalties for Underpaying Taxes in 2023.”
Jan. 1 — IRS standard business mileage rate increased
The IRS has increased the standard mileage rate deduction for miles that eligible taxpayers log for business purposes in 2023. The new rate is 65.5 cents per mile, which is 3 cents higher than the rate that was in effect for the latter half of 2022.
To learn more, check out “IRS Increases Business Mileage Rate for 2023.”
Jan. 1 — Many health insurance plans took effect
If you recently enrolled in a new 2023 health insurance plan, or re-enrolled in the plan you had for 2022, your 2023 health insurance plan likely started Jan. 1.
For example, this is the case for Medicare plans that seniors purchased anew or re-enrolled in during the latest fall open enrollment period.
It’s also the case for Affordable Care Act (ACA) health insurance plans purchased between Nov. 1 and Dec. 15, 2022. (ACA plans purchased between Dec. 16 and Jan. 15 will take effect Feb. 1.)
If your health insurance plan took effect on Jan. 1, make sure you have put your new insurance card in your wallet.
Jan. 1 — 2 Medicare law changes took effect
The Inflation Reduction Act that President Joe Biden signed into law in August 2022 contained several provisions that improve Medicare coverage. Two of those provisions — which cap insulin costs and make more vaccines free for folks on Medicare — took effect with the new year.
To learn more, check out “7 Ways Medicare Coverage Is Changing in 2023.”
Jan. 1 — Medicare Advantage open enrollment period began
As if Medicare isn’t complicated enough, this federal health insurance program for folks age 65 and older and folks with certain disabilities or conditions has multiple annual enrollment periods.
The main open enrollment period runs from Oct. 15 through Dec. 7, while the Medicare Advantage open enrollment period runs from Jan. 1 to March 31.
Medicare Advantage plans, one of the two main types of Medicare, are offered by private insurance companies that are approved by the federal Medicare program. (The other type of Medicare, Original Medicare, is the traditional government-managed health care coverage.)
During the current enrollment period, folks with Medicare Advantage plans (with or without prescription drug coverage) have the option to do one of the following:
- Switch to a different Medicare Advantage plan (with or without drug coverage).
- Switch from Medicare Advantage back to Original Medicare (with or without also enrolling in a drug plan).
Jan. 17 — Deadline for estimated tax payments
This is the deadline for the fourth quarterly installment of estimated taxes for the 2022 tax year — the one for which your tax return is due by April 2023. This deadline applies to the self-employed and other workers who earn income that isn’t subject to withholding, who use IRS Form 1040-ES to pay this tax.
There is one exception, though: Self-employed people who file their 2022 federal tax return by Jan. 31 and pay their entire balance due with their return do not have to pay their fourth installment by Jan. 17.
Jan. 22 — Postal rate increases take effect
If you use stamps, consider stocking up soon. Come Jan. 22, the price of a standard stamp will increase by 3 cents, to 63 cents — one of several postal price hikes that take effect that day.
To learn more, read the U.S. Postal Service’s announcement about the price increases.
Jan. 31 — Deadline for 2022 income forms to workers
Generally, Jan. 31 is the deadline for employers and other types of payers to give workers several types of income forms for the recently concluded tax year. These forms can include:
- Form 1099-MISC, Miscellaneous Income
- Form 1099-NEC, Nonemployee Compensation
- Form W-2, Wage and Tax Statement
If you expect to receive any of these forms for 2022 but it has yet to arrive, keep an eye out for it in February. You don’t want to file your federal income tax return until you have such forms in hand.
Employers must send copies of these income forms to the IRS, which cross-checks the income numbers that you report on your return against the numbers on your income forms. If those numbers don’t match, the IRS could delay processing your return, and thus delay any tax refund you might be owed.
Mid-January (presumably) — IRS Free File becomes available
Typically, IRS Free File becomes available for the upcoming tax season in mid-January. This program lets taxpayers who earn less than a specified amount prepare and file their tax returns for free using commercial tax software.
To learn more about IRS Free File or keep an eye on when it becomes available, visit the IRS Free File webpage at IRS.gov.
Last week of January (presumably) — Tax season starts
The IRS has yet to announce the official start date for the next federal income tax filing season, the one for 2022 returns, but it’s a safe bet that it will be in the last week of January.
Once the start date arrives, you and your tax professional or tax software will be able to submit your 2022 tax return to the IRS.
Sometime in January — Social Security statements mailed
If you receive Social Security benefits, keep an eye out for your annual benefit statement, also known as an SSA-1099 (or an SSA-1042S, in the case of noncitizens who live abroad). The Social Security Administration mails these documents each January, as Social Security recipients need them to file their taxes. (Your benefit statement tells you how much Social Security income you received the prior year, which you must report on your tax return.)
If you don’t receive your SSA-1099 in January, or if you want a digital version for your records, you typically can get a replacement copy via your online Social Security account starting in February.