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7 tax moves for college financial aid

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in Small Business Tax

Will you be sending your child to college soon? Even if you’re a successful business owner, don’t assume that you won’t qualify for need-based financial aid.

Strategy: Have your child submit a Free Application for Federal Student Aid (FAFSA). At the same time, coordinate other tax and financial matters to give your child the best shot at an aid package.

The FAFSA can be filed as early as Oct. 1 of the year prior to the year your child will be attending college. (This was recently moved up from Jan. 1 of the year of attendance.) For instance, if your child will be starting school in the fall of 2018, he or she can submit the FAFSA as early as Oct. 1, 2017. A shorter version of the form, the renewal FAFSA, is filed in subsequent years.

Here’s the whole story: A family’s income and assets determine each year’s financial aid. But it’s the first year, often called the “base year,” that is especially important.

The FAFSA determine...(register to read more)

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