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 2022. 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 the 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 10 — 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’s 2022 Disaster Preparedness Sales Tax Holiday started May 28 and runs until June 10. A list of products that qualify for the tax break is available on the State Department of Revenue’s website.
FOMC meeting — June 14-15
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 this year, given inflation’s continued climb.
The FOMC is expected to vote on June 15 to raise its benchmark federal funds rate, which can affect everything from your savings account yield to your credit card interest. It would be the third hike this year — but is hardly expected to be the last.
In other words, the outcome of this next FOMC meeting — if not also the direction of the federal funds rate for the remainder of this year — is a near certainty. And knowing that in advance means you can prepare for the presumed additional hikes. To get started, check out:
- “6 Things That Get More Expensive as the Fed Hikes Rates”
- “Here’s What the Fed Rate Hike Means for Your Retirement”
- “8 Ways Higher Interest Rates Could Affect You This Year”
June 15 — Deadline for estimated tax payments
This is the deadline for the second quarterly installment of estimated taxes for the 2022 tax year — the one for which your tax return is due in spring 2023. This deadline applies to the self-employed and other workers who earn income that isn’t subject to withholding, and who use IRS Form 1040-ES to pay this tax.
June 30 — Tennessee’s gun-safety sales tax holiday ends
Tennessee’s yearlong sales and use tax holiday for gun safes and gun safety devices ends at the end of the month. 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.
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