Money Rehab with Nicole Lapin - Don’t Miss These 2022 Financial Deadlines

Episode Date: March 14, 2022

Quick: do you know when you need to submit all of your health expenses for reimbursement? What about the best time for back to school shopping? The big kahuna (Tax Day)? Nicole breaks down all of the 2022 dates that are important for your wallet. See omnystudio.com/listener for privacy information.

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Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. If you're a regular in the Lappinverse, you know that I love putting reminders in my calendar.

I have a calendar reminder to schedule my calendar reminders. Not too dissimilarly from how I made a label for my label maker. I know that's a little intense and may not bring you the same joy that it brings me, and that is totally okay. But you should have a few calendar reminders set for your financial self. And today, I'm going to walk you through those important dates. And I'm not going to just give you the hard, final, final deadlines, because for a lot of the big financial projects that you're going to need to tackle throughout the year, you shouldn't start the day they're due, or frankly, you'll be screwed. So for those more time-intensive financial deadlines, I'm going to give you two deadlines, the hard and fast due date and my recommendation for the start date.

Let's jump into the first important date that we should put in our calendars. And it's a short jump because I want you to flip to today for FSA reimbursement. Yep, I'm going to give you homework for one of those financial deadlines right now. If you had an FSA for 2021, you should check with your HR department at your company today to confirm when you're going to need to submit all of your 2021 receipts for reimbursement. And just to be super clear, this deadline is for receipts for FSA-eligible expenses that you gathered throughout the 2021 year, not new expenses you've made for 2022. In many cases, you'll be able to submit receipts for expenses

you incurred in 2021 by March 15th of 2022. So check that deadline with your HR department right now, and then make sure you have all of your receipts in. April 15th. Quarterly tax deadline. If you're self-employed and pay quarterly taxes, your taxes for January 1st through March 31st earnings are due on April 15th. And while we're at it, let's also add June 15th and September 15th to our calendars. Those are the other due dates for the outstanding quarters in the 2022 fiscal year. Once you've marked April 15th on your calendar, I want you to also mark April 1st on your calendar. That's when you should start preparing your documents for tax season. If you give yourself two weeks to get all of the paperwork together,

you won't be rushing toward that April 15th deadline. And crucially, you'll be less likely to let something slip through the cracks. April 18th. Tax day. We love tax day. You should circle this one in your calendar in a bright color and draw little hearts around it. Yes, let's try to get excited for tax day, people. And I am sort of talking to myself here because I get a little bit stressy around tax season. Yes, even the rich bitch herself gets tax stress. But we got this. We do harder things in life than file a tax return. Last year, Tax Day, of course, was pushed back to allow people to take some more time putting their finances together during a hugely COVID-disrupted year. There is no sign of that happening again this year, so I would plan on

submitting on or before tax day. You're right. Typically, tax day is April 15th, but because April 15th is a holiday, Emancipation Day in Washington, D.C., the federal tax deadline was moved to April 18th. However, some states may still require that your state taxes are due by April 15th, so you should check your state's rules before marking your calendar. April 18th is also the last day to make your 2021 IRA contribution. So if you haven't maxed out your IRA yet and you want to, you gotta do it by 4-18. Once you've marked April 18th on your calendar, follow the lead of our self-employed pals and mark April 1st on your calendar as well. You should not be starting your taxes on April 18th. Give yourself two-ish weeks

so that you are not rushing. Preparing for tax season is indeed stressful enough. Make it easier on yourself by breaking it down in two baby steps. May 1st. Student loan repayment unfreezes. As of right now, the student loan moratorium is supposed to run out on May 1st. Although it has been pushed back a few times, let's assume that it will not be again. It's better to be safe than sorry. So throughout the month of April, you should reconfigure your spending plan, assuming that come May 1st, you're going to be making student loan payments once again. May 30th, Memorial Day.

payments once again. May 30th, Memorial Day. Memorial Day weekend is the best time to find deals on appliances and mattresses. If you're thinking that you'll need a new mattress within the next year, plan on doing it May 30th. Let's flip to July because the next date I want you to circle is July 1st, back to school deals. This is something that I learned somewhat recently, actually, but many states offer a weekend in either July or August where back-to-school items are eligible to purchase without sales tax. Most states hold this weekend in August, but there are some states that hold this weekend in July. On July 1st, you should look up whether your state holds that weekend and when, and then, you guessed it, put that weekend on the calendar. July 4th. On Independence Day, I want you to lean into the holiday spirit and have

a check-in with yourself on all of your financial independence goals. In addition to being a great day to reflect on independence, July 4th is also a little bit past the halfway mark of 2022. Are you following the New Year's resolutions that you set for yourself? Are you on track for your year-end financial goals? July 4th is a great time to ask yourself those questions. September 5th, Labor Day. It's another great long holiday weekend for holiday sales. Unlike Memorial Day, though, which is the golden hour for appliance sales, Labor Day is the best time for end of season shopping like patio furniture and grills. So if at the beginning of the summer you feel like

you need some new summertime goodies, try to wait until Labor Day when you'll get the most bang for your buck. November 1st. Open enrollment. November 1st marks the opening of the federal health insurance marketplace for 2023 health insurance coverage. But if you're getting your health care through an employer, your open enrollment period is probably around this time too. Now, this isn't the deadline for enrollment. This is just when you'll be able to enroll. But it's better to get a head start and look through your options as soon as open enrollment starts. Once you go through your options, you may have questions. So get a head start and look through your options as soon as open enrollment starts. Once you go through your options, you may have questions. So get a head start on this so that you'll actually

have time to talk through your questions with an HR advisor or health insurance representative. November 25th, Black Friday. On Black Friday and also Cyber Monday, which this year is November 28th, you'll want to finalize, yes, finalize your holiday shopping. Hopefully the supply chain issues will be easier to manage come November 2022. But if 2021 taught us anything, it's that we don't want to take our chances with shipping delays. December 31st. This is the last day of the 2022 year. It seems so far away, but trust me, it will come up so quickly. As the last day of the year, it is also the deadline for any annual financial projects like FSA spending and many flavors of taxes. I'm talking property taxes, income taxes, tax deductible spending, and so on. I want you to

mark your calendar on December 1st to start thinking about bringing the 2022 fiscal year to a close. For today's tip, you can take it straight to the bank. This may seem obvious, but you should really put these dates on your calendar. Whether that's a physical calendar hanging up in your kitchen or the calendar app on your phone, you may be thinking, I got this. I'll remember these dates. And yeah, maybe you will. But the potential of one of these dates slipping your mind and costing you big is still there. So be a good money rehabber and outsource that brain space to your calendar. and outsource that brain space to your calendar. Money Rehab is a production of iHeartRadio.

I'm your host, Nicole Lappin. Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy. Huge thanks to OG Money Rehab team, Michelle Lanz for her development work, Catherine Law for her production and writing magic, and Brandon Dickert for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.