If you have a family member who will be in college for the 2021-22 school year, October 1 st is the start date for submitting the Free Application for Federal Student Aid, or FAFSA. The FAFSA is the key to getting financial aid; every student should file because not all financial aid is based on need.
October is a good time to check and, if needed, adjust your 2020 tax withholding. If you’re not withholding enough, you could face an unexpected tax bill or even an underpayment penalty when you file your return. If you’re withholding too much tax, you may be able to take home a larger paycheck instead of waiting for a refund next year. The IRS has an online Tax Withholding Estimator calculator available on the IRS website.
People enrolled in a Medicare Prescription Drug Plan can benefit from comparing plans during open enrollment which begins October 15th and runs through December 7th. Plans often change premiums, formularies, drug costs, deductibles, and other plan features annually. The plan that was most cost effective for an enrollee in 2020 may not be the best plan for them in 2021.
An important message from the Consumer Financial Protection Bureau (CFPB)
“As a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, consumers started to see some financial relief through EIP issued by the Internal Revenue Service (IRS). However, millions of individuals who do not normally file income taxes are entitled to EIP. These individuals have until October 15, 2020 to enter their information in the IRS Non-Filers Tool to receive their payment”.
Finally, as the cooler season approaches and the weather changes, putting together an emergency kit is one way to prepare for storm related outages.
