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 noteworthy money dates for March 2023. Take a look and mark your calendar with any dates that apply to you.
March 12 — Daylight saving time starts
While it’s not an inherently financial event, we wanted to remind you that clocks are to “spring forward” at 2 a.m. local time on Sunday, March 12.
Don’t forget to set your clocks ahead one hour, so you’re not late for work or appointments the next day. And check out “8 Things You Should Do Before Daylight Saving Time Starts.”
March 15 – Deadline for Form 1065
If you happen to run a small business (or any other type of entity) that is classified as a partnership, take note: March 15 generally is the deadline for partnerships to file Form 1065: U.S. Return of Partnership Income with the IRS.
Unsure if this requirement applies to you? See the Form 1065 instructions for the IRS’ three-paragraph-long definition of “partnership.”
FOMC meeting — March 21-22
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 these days, given relatively high inflation and the looming possibility of a recession.
The FOMC is expected to vote on March 22 to raise its target range for the federal funds rate. Any change to the federal funds rate can affect everything from your savings account yield to your credit card interest.
To learn more about what this means for you, check out “What Is ‘the Fed’ — and Why Should You Care?”
March 31 — Medicare Advantage open enrollment period ends
As if Medicare isn’t complicated enough, this federal health insurance program for folks age 65 and older and folks with certain disabilities or conditions has multiple annual enrollment periods.
The main open enrollment period runs from Oct. 15 through Dec. 7, while the Medicare Advantage open enrollment period runs from Jan. 1 to March 31.
Medicare Advantage plans, one of the two main types of Medicare, are offered by private insurance companies that are approved by the federal Medicare program. (The other type of Medicare, Original Medicare, is the traditional government-managed health care coverage.)
During the current enrollment period, folks with Medicare Advantage plans (with or without prescription drug coverage) have the option to do one of the following:
- Switch to a different Medicare Advantage plan (with or without drug coverage).
- Switch from Medicare Advantage back to Original Medicare (with or without also enrolling in a drug plan).