17 January Financial Dates You Shouldn't Overlook (Especially #17)

January is the perfect time for getting your life in order. In fact, New Year’s resolutions often inspire people to make big changes this time of year, which may include getting a better grasp on your finances.

It doesn’t matter whether your specific resolution is to earn extra income outside of work or to amp up your ability to save up for retirement, you can kick off the year on a high note by getting familiar with January’s most important financial dates.

A new year also means the start of a new tax year, or the 12-month period over which you track your income and expenses.

It’s a little confusing, but you don’t have to finish filing your 2024 taxes until April 2025 — so just remember that when you file taxes this year, you’re filing based on last year’s income, and not anything you made in 2025.

Every year, the Social Security Administration determines if benefits need to increase to keep pace with the rate of inflation.

While the exact percentage of this cost of living adjustment (COLA) is determined in October, it doesn’t take effect until the first day of the new year. This year’s COLA increase is 2.5%.

New Year’s Day is a federal holiday, so you won’t have access to most government services, including banks backed by the Federal Reserve.

If you need to deposit a check or speak with a banker, plan to do so before the end of the year or wait until January 2nd.

If you’re entitled to Social Security benefits, you’ll receive your first payment of 2025 on Jan. 3, 2025.

Supplemental Security benefits on the other hand are usually paid on the first of the month, but since January 1st is a holiday, those beneficiaries should get January’s payment on Dec. 31, 2024.

If you started receiving Social Security benefits after May 1997 or if you’re only receiving Social Security, not Social Security and SSI benefits, you receive your benefits on either the second, third, or fourth Wednesday of the month.

If you were born between the first and tenth day of your birth month, you’ll get your first Social Security payment on Jan. 8, 2025.

On January 10th, the U.S. Bureau of Labor Statistics will release the December 2024 numbers for the Employment Situation, which will give American workers and businesses some insight into the U.S. job market.

If you earned at least $20 in tips alone during the month of December, you need to report that income to your employer no later than Jan. 10, 2025.

Self-employed individuals who pay estimated quarterly taxes instead of having their income taxes withheld by an employer should pay their estimated taxes for the last quarter of 2024 by Jan. 15, 2025.

If you qualify for federal health insurance through the Affordable Care Act, you’ll need to sign up for a plan no later than Jan. 15, 2025. Your next chance to sign up for a plan won’t come until Nov. 1, 2025.

If you were born between the 11th and 20th day of your birth month, you’ll receive your first 2025 Social Security payment on Wednesday, Jan. 15, 2025.

The third Monday of January is Martin Luther King, Jr. Day, which is a federal holiday. Banks and other public services like libraries and post offices will be closed on this date.

If you were born between the 21st and 31st day of your birth month, you’ll receive your first 2025 Social Security payment on Wednesday, Jan. 22, 2025.

Many countries celebrate the Lunar New Year, including China, where children are gifted lucky red envelopes filled with money.

If you didn’t make the January 15th deadline for your estimated quarterly tax payment, you can pay those taxes and file your income tax return by January 31st to avoid late payment fees.

If you receive Supplemental Security Income benefits, those benefits usually hit your bank account on the first day of the month. However, since February 1st falls on a Saturday this year, you’ll be paid on the earliest weekday preceding February 1st, which is Friday, January 31st.

Since you need your W-2 tax form to accurately file your income taxes by the April 15th tax deadline, your employer is legally required to have sent out your W-2 by the last day of January.

Employers can send out W-2 forms electronically or via traditional mail, but they’re considered compliant with the deadline as long as the form is in the mailbox by the 31st.

If you want to stay on top of your finances, it’s smart to set aside some time each month to evaluate your income and expenses from the previous month and plot your budget for the upcoming month. Choosing a consistent date — for instance, the last day of the month — for budgeting is a great way to keep finances at the front of your mind.

Getting to know the year’s financial calendar is the perfect way to start working on your New Year’s resolutions right out of the gate.

Once you jot down these key dates, you can get right to work starting a budget that helps you meet goals like moving beyond living paycheck to paycheck or filing your estimated taxes on time throughout 2025.