top of page
Search
  • Writer's pictureJiayi (Kristy) Xu, MBA, CFP®

2023 Financial Planning Calendar


January


January 1st Updates in Social Security, Medicare, and Inflation-Adjusted Federal Income Tax Bracket, and Retirement Account Contribution Limits for 2023 start to apply.

January 6th December 2022 job reports available. The Fed will shed jobs to bring down inflation if necessary.

January 17th Quarterly Estimated Taxes are due for those who are self-employed.

January 24th IRS begins accepting 2022 tax filings.

January 31st 1st day of Federal Open Market Committee Meeting where FOMC meets to discuss interest rate policy.


In this month, I encourage you to establish the three most important financial goals for you either for the whole year or each month. This could be items such as contribute monthly to your emergency saving account and your investment accounts, max out your retirement contribution, or set up auto pay to pay off your credit card debt every month, etc. These goals will help guide your financial decisions in the rest of the year.


February


February 1st 2nd day of Federal Open Market Committee (FOMC) Meeting where FOMC meets to discuss interest rate policy.

February 3rd January Jobs Report will be available. The Fed might take action on the job market to slow inflation depending on what’s the first Jobs Report in January looks like.


In this month, I encourage you to gather and organize your W-2s, interest and dividend statements, and other tax documents to make sure you have all the materials you need when you file your taxes.


March


March 10th February Jobs Report available.

March 15th Tax Filing Deadline for LLCs & S-Corporations.

March 21st Day 1 of Federal Open Market Committee (FOMC) meeting.

March 22nd Day 2 of Federal Open Market Committee (FOMC) meeting.


In this month, I encourage you to find a day to allocate tax refunds, bonuses, or pay increase you might get – plan for how much you would allocate to emergency fund, investments, large one-time purchases/expenses, child education, etc.


April


April 1st Required beginning date for Required Minimum Distributions (RMDs) for the year after turning 72 years old.

April 7th March Jobs Report – this is the final jobs report for the first quarter of 2023.

April 18th

  • Taxes or Extension Forms due. Use IRS Form 4868 if you need an extension, but note that there may be penalties if you have taxes due.

  • 1st Quarter 2023 Estimated Taxes are due if you are self-employed.

  • This is also the last day for you to contribute to your IRA, Roth IRA, and/or HAS for 2022

Please remember that proper tax planning ahead of time can make tax season much less stressful. Don’t wait till the last minute to do your taxes!


May


May 2nd Day 1 of Federal Open Market Committee (FOMC) meeting.

May 3rd Day 2 of Federal Open Market Committee (FOMC) meeting.

May 5th April Jobs Report available.


In this month, I encourage you to review your debts – how much you owe and what’s your debt-to-income ratio to check if you are in a reasonable financial position with your current debt level. Plan ahead of time if you know you will incur additional debt this year (for instance, if you know you are looking to finance a new car or your home renovation) and adjust your budget accordingly.


June


June 2nd May Jobs Reports available. (The summer is a popular time for people to start a temporary or part-time job with the school year ending and better weather, which may have some effects on where the job market stands.)

June 13th Day 1 of Federal Open Market Committee (FOMC) meeting.

June 14th Day 2 of Federal Open Market Committee (FOMC) meeting. (Last year, the Fed found itself in a huge halftime deficit caused by its great efforts in keeping inflation under control - of course, I will track the market and economic status for our clients and make updates to clients' portfolios accordingly.)

June 15th 2nd Quarter 2023 Estimated Tax due if you are self-employed.


Do you know that 6/28 is the National Insurance Awareness Day? How about find a day in this month to review all of your insurance policies and check if you and your family are sufficiently covered by your current policies.


July


July 7th June Jobs Report available.

July 25th Day 1 of Federal Open Market Committee (FOMC) meeting.

July 26th Day 2 of Federal Open Market Committee (FOMC) meeting.


Midyear is a great time to review your budget. I would encourage you to review your expenses in the first half of the year and check if you are on track for your budget plan.


August


August 4th July Jobs Report available.


I would encourage you to review your credit score in a regular basis. How about setting a calendar reminder to review your credit score in August each year? Remember there are three free credit check services: Experian, Equifax, and TransUnion.


September


September 1st August Jobs Report available.

September 15th

  • 3rd Quarter 2023 Estimated Taxes are due if you are self-employed.

  • Extension Deadline for LLCs & S-Corporations

September 19th Day 1 of Federal Open Market Committee (FOMC) meeting.

September 20th Day 2 of Federal Open Market Committee (FOMC) meeting.


Remember that the enrollment period for employer benefits typically starts in fall and lasts four to six weeks. Set a reminder to review your health election, 401(k) or 403(b) and other types of employee benefits such as life and disability insurance.


October


October 6th September Jobs Report available.

October 15th Medicare Open Enrollment begins.

October 16th Tax Extensions Deadline.

October 31st Day 1 of Federal Open Market Committee (FOMC) meeting.


I would recommend you to start with year-end financial planning items in October (of course, you have the next three months to work on those items) such as:

o Project income for 2023 & 2024

o Review unrealized investment gains and losses, as well as collect cost basis information on investments sold

o Review sales of appreciated properties

o Review potential credits and deductions

o Track gifts to families and donations to charities

o Review and fund trusts if applicable

o Review beneficiaries on all retirement accounts, investments, life insurance, bank accounts, etc.

o Rebalance your portfolio as needed

o Review your multi-year tax strategies


November


November 1st Day 2 of Federal Open Market Committee (FOMC) meeting.

November 3rd October Jobs Report available


Continue working on your year-end financial planning items – spread the work so that you are not overwhelmed by the tasks.


December


December 7th Medicare Open Enrollment ends.

December 8th November Jobs Report available. (Last jobs report of the year of 2023)

December 12th Day 1 of Federal Open Market Committee (FOMC) meeting. (The final meeting of 2023 for the FOMC.)

December 13th Day 2 of Federal Open Market Committee (FOMC) meeting.

December 31st

  • Last chance for tax deductions through charitable donations.

  • Last chance for Roth Conversion or IRA distributions.

Continue working on your year-end financial planning items – don’t forget that your financial advisor is there for you if you have any questions 😊


Of course, this financial planning calendar only serves as a general reminder and is not customized to your specific financial situation. You will certainly have other financial “to dos” in 2023 that are not listed on this calendar. If you have any questions, I am here to help! If you would like to discuss any investment management and financial planning subjects with me but are new to my firm, let’s set up a FREE introductory meeting to get started!


0 comments

Recent Posts

See All
bottom of page