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 October 2022. Take a look and mark your calendar with any dates that apply to you.
Oct. 1 — IRS interest rates increase
The interest rates that the IRS charges individuals and companies for underpaying their taxes rise on Oct. 1, as will the rates the IRS pays for overpayments.
For details on these rates, check out “IRS Hikes Penalties for Underpaying Taxes.”
Oct. 1 — New FAFSA available
If you or your child or grandchild will attend college next year, take note: The Free Application for Federal Student Aid (FAFSA) form for the 2023-24 school year will be available starting Oct. 1.
You will find the form on the website of the Federal Student Aid office, a division of the U.S. Department of Education.
The FAFSA is key to various types of financial assistance. The Education Department explains:
“[T]he FAFSA form is not just the application for ‘free money’ such as the Federal Pell Grant, it’s also the application for Federal Work-Study funds, federal student loans, and even scholarships and grants offered by your state, school, or private organization. If you don’t complete the FAFSA form, you could lose out on thousands of dollars to help you pay for college.”
Oct. 1 is also the first day that you can fill out a FAFSA for the 2023-24 school year. The federal government gives you until June 30, 2024, to submit the form, but you should not delay.
Many colleges and states have their own FAFSA deadlines, which could be earlier than the federal deadline. And generally, the sooner you file a FAFSA, the better your chances of receiving aid.
“If you want to get the most financial aid possible, fill out the FAFSA form right away,” the Education Department says. “Many states have limited funds.”
Oct. 1-31 — Florida’s gas tax holiday
Under a recently created state law, the Florida Motor Fuel Tax Relief Act of 2022, all grades of gasoline are exempt are fuel tax from Oct. 1 through Oct. 31.
Folks in the Sunshine State can learn more about this tax holiday by checking out the Florida Department of Revenue’s handout with frequently asked questions for consumers.
Oct. 2 — Some USPS prices temporarily increase
The U.S. Postal Service will again hike prices temporarily for the holiday shipping season. The increases, which will affect services like Priority Mail Express and Priority Mail, will be in effect from Oct. 2, 2022, until Jan. 22, 2023.
The new prices that will be in effect during this temporary period are available on the USPS website.
Oct. 6 — Target kicks off its holiday shopping season
Target’s Holiday Price Match Guarantee will be in effect longer than ever this year, from Oct. 6 through Dec. 24. According to a recent company announcement, “That means guests can choose to shop early with confidence knowing that if the price goes lower at Target later in the season, the retailer will price match it.”
Also on Oct. 6, the retailer will also kick off a Target Deal Days event. Running through Oct. 8, the sale will be the biggest of its kind yet, offering “hundreds of thousands of deals online and in stores,” Target said.
Oct. 11-12 — Amazon’s Prime Early Access Sale
This year, Amazon will host a new type of sale: a holiday sale just for Prime members. It’s called the Prime Early Access Sale, and like Amazon’s annual Prime Day sale, it will last 48 hours.
To learn more about it, including early deals available now, check out “Amazon to Host Another Prime Sale in October.”
Oct. 15 — Open enrollment starts for Medicare
The fall open enrollment period for Medicare — the federal health insurance program primarily for folks age 65 and older — starts Oct. 15 and runs until Dec. 7.
If you’re on Medicare, this period is your opportunity to make changes to your health care plan and drug plan for next year.
Meanwhile, keep an eye on Medicare.gov, the official Medicare website. Information about 2023 plans will be available there in October.
Also, round up the following documents, which you should review before deciding whether to change your plan for the new year:
- Evidence of Coverage (EOC): This document includes information about your current plan, such as what it covers and how much you pay.
- Annual Notice of Change (ANOC): This document includes any changes to your current plan’s coverage, cost or service area that will take effect in 2022.
You should receive both of these documents from your current plan in September. If you haven’t received them, Medicare.gov advises that you contact your plan.
Oct. 17 — Tax return deadline for extension filers
Did you request an extension from the IRS earlier this year, instead of filing your 2021 tax return by April 18? If so, Oct. 17 is one deadline you do not want to miss — it’s Tax Day for you.
If you live in a disaster area, however, you may have longer. See the IRS’ “Tax Relief in Disaster Situations” webpage to learn more about extended deadlines for taxpayers in these areas.
Oct. 17 — Sam’s Club membership fees increase
If you’ve been considering joining Sam’s Club, you might want to do so before Oct. 17. That’s when, according to a letter from Sam’s Club President and CEO Kath McLay to members, both of the warehouse club chain’s membership fees are set to increase:
- The annual cost of a Club membership will rise from $45 to $50, the first such hike in nine years.
- The annual cost of a Plus membership will rise from $100 to $110, the first such hike since this membership was introduced in 1999.
The good news is that Sam’s Club will give members the difference — $5 or $10, depending on their membership type — in the form of Sam’s Cash after they renew.
Dates vary — Open enrollment starts for many employer plans
If you have health insurance through your employer, the chances are good that open enrollment starts in October or later this fall. If you’re unsure of exactly when it starts, check with your employer so you aren’t caught off guard by it.
Karla Bowsher
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