College Financial Planning
As with all aspects of financial planning, the tax return primarily drives the financial aid forms parents will encounter when starting the college search process. A proactive approach to financial aid can be the difference in a parent’s ability to successfully put their children through college without breaking the bank. We offer families formal experience in the college financial planning process and utilize affiliated college resources.
College Financial Aid
The most important factor for a student when being considered for financial aid is the parents’ Federal Income Tax Return. Proper business and asset structure, retirement planning and placement of income and expenses on the tax return are key factors in considering the student’s eligibility. As certified tax advisors and licensed financial advisors, who better to help navigate the college process than Back River Tax Accounting? Proper Planning for college can result in thousands of dollars in eligible financial aid.
We now have a FAFSA worksheet to assist with filling out your FAFSA form. It supplies you with all of the numbers you will need to easily fill out the FAFSA.
You can start filling out the FAFSA on October 1st of the year before the college year starts. For example, you can start filing on 10/1/18 for the 2019 – 2020 school year. You would use your 2017 tax return for the 2019 – 2020 school year.