The Free Application for Federal Student Aid (FAFSA) is a tool students use to apply for more than $120 billion in federal funds. Unfortunately, each year many students miss out. A report from NerdWallet estimates that $1,861 per eligible high school graduate of free federal grant money went unused during 2014 because they did not complete a FAFSA. |
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Even if you don't think you or your child qualify for federal aid, filling out a FAFSA is important because it could be used to determine eligibility for nonfederal aid and private funds. FAFSA available Oct. 1. Previously, the FAFSA was not available until January. A recent change now makes the application available Oct. 1. This is because the 2018-19 FAFSA can be completed with your 2016 tax information. Avoid FAFSA mistakes Don't forgo federal student aid by making one of the following common filing mistakes: |
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Remember, students need to complete a FAFSA each year because eligibility does not carry over and can vary based on circumstances. Students can use the FAFSA Web Worksheet now to gather and organize the data needed for their application, available at www.fafsa.gov. |
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The information provided on this site is for general informational purposes only and should not be construed as professional financial, tax, or legal advice. For advice tailored to your specific situation, we recommend consulting with a qualified professional.
October 2017 DiSabatino, CPA Newsletter
October 2017
In this Issue:
- Ace the FAFSA
- Review Your ITIN Now
- Dos and Don'ts of Business Expensing
- Fix Youre Overfunded Account
This month:
- October 1st: SIMPLE IRA plan establishment due
- October 15th: Extended tax return filing deadline
- October 31st: Halloween
Tax reform is under discussion in Congress as we enter the fall months, and students are back in school. While we wait to see what comes out of Washington DC, here are some suggestions for students and parents to get an A+ on their next FAFSA student loan application.
Also included are articles on the requirement to renew your taxpayer identification number, as well as a checklist of "dos" and "don'ts" for anyone taking business expenses for things like travel, meals and entertainment. Since the end of the year is typically when we run into overfunding problems with retirement accounts, there's also an article with tips to fix any issues while there's still time.
As always, should you know of someone who may benefit from this information please feel free to forward this newsletter to them.
This newsletter is provided by
DiSabatino CPA
When you need a sharp CPA, Call DiSabatino, CPA
651 Via Alondra, Suite 715
Camarillo, CA 93012
Phone: 805-389-7300
Fax: 805-419-5672
www.SharpCPA.com