Around this time of the year, I get a surge of individuals wanting me to prepare the previous year’s taxes. Then I remember…October 1 is the first day to file the FAFSA for college financial aid. Some colleges award scholarships and financial assistance on a first-come, first-served basis.
October 15 is the new deadline to file your return if an extension was filed earlier this year. If you filed for an extension on your taxes, October 15 is also the last day to contribute to a SEP IRA for self-employed people and small business owners.
Sometime in the fall, usually beginning in October or November, most employers hold their open enrollment period so you can change your employee benefits for the upcoming year. Review your health election, 401(k), and other employee benefits like life and disability insurance to see if they’re still meeting your needs. Do you have a flexible spending account (FSA)? Use those funds for qualified medical expenses or child care expenses by the end of the year. That money generally won’t roll over into next year. If you have a health savings account (HSA), that money will roll over and is tax-deferred, so consider maxing it.
November 1 is just around the corner and is the opening day of the federal health insurance marketplace enrollment for 2021 coverage. Iowa State University Extension has online class scheduled to help individuals choose wisely, the kind of health insurance they need. The Smart Choice Basics class is intended for individuals that are 65 or younger and helps you select the right plan. Smart Choice Actions teaches individuals how to make wise use of the health insurance plan and intended for adults of any age. Both workshops are 1 hour long at begin at 6:00 PM. For dates and registration information, go to…