7 Financial Dates and Deadlines in June 2023

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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 June 2023. Take a look and mark your calendar with any dates that apply to you.

June 1 — Atlantic hurricane season starts

Hurricane season might not seem like a financial event offhand, but the degree to which you prepare for it could directly affect your finances if you live in an area prone to hurricanes.

If you’re unsure how or where to start, you can find hurricane preparedness tips from authorities like the American Red Cross and National Oceanic and Atmospheric Administration, which is home to the National Hurricane Center.

If you live in Florida, don’t miss the next item on this list.

Through June 9 — Florida’s Disaster Preparedness Sales Tax Holiday

Just as some states offer back-to-school sales tax holidays, during which they waive sales taxes on purchases like school supplies, some states offer disaster preparedness sales tax holidays.

During these periods, sales taxes are waived for certain products needed to prepare for hurricanes or other natural disasters.

Florida now has two such sales tax holidays per year. The state’s first Disaster Preparedness Sales Tax Holiday started May 27 and runs until June 9. A list of products that qualify for the tax break is available on the state’s Department of Revenue website.

June 13-14 — FOMC meeting

The Federal Reserve’s Federal Open Market Committee (FOMC) generally meets eight times a year, and we usually exclude those meetings from our Money Calendar series. But they are a hot topic these days, given relatively high inflation and the looming possibility of a recession.

It’s unclear whether the FOMC will vote on June 14 to raise its target range for the federal funds rate, which would be their fourth hike of 2023. Chair Jerome Powell indicated in May that the committee may leave the rate unchanged in June. But 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?

June 15 — Deadline for estimated tax payments

This is the deadline for the second quarterly installment of estimated taxes for the 2023 tax year — the one for which your tax return is due by April 2024. 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.

June 30 — Tennessee’s gun-safety sales tax holiday ends

Tennessee’s one-time but two-year-long sales and use tax holiday for gun safes and gun safety devices ends at the end of June. So if you wish to take advantage of it, act soon.

For definitions of the items that qualify for this tax break, visit the state’s Department of Revenue website.

June 30 — Florida’s children’s clothing and diaper sales tax holiday ends

Florida’s one-time yearlong sales tax holiday for baby and toddler clothing and children’s diapers ends at the end of June. Details about what products qualify are available on the state’s Department of Revenue website.

All month — Florida’s Freedom Summer Sales Tax Holiday continues

During this unique sales tax holiday, Florida residents can purchase qualifying recreation and outdoor items and admissions to entertainment and cultural events free of sales tax.

The Sunshine State’s annual Freedom Summer Sales Tax Holiday started May 29 and runs until Sept. 4. A list of products that qualify for the tax break is available on the state’s Department of Revenue website.

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