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02-17-2016 - FAFSA and Teens & Taxes

This newsletter either applies to you -- or it doesn't.   We're focusing on teenagers and young adults this time.  We'll look at the FAFSA as well as whether your teenager needs to file a tax return.   If this is helpful to you, we're pleased.  If it doesn't apply to you, feel free to forward it to a friend or family member who might benefit.

Thanks and have a great day!

FAFSA (Free Application for Federal Student Aid)

The FAFSA is a one-stop free application to apply for federal student aid for college.   It opens access to federal grants and loans, as well as many state funds.  This online form takes about 30 minutes to complete and it must completed every year your child is going to college.  

This is the time of year to begin the process, if you haven't done so yet.  While you need your 2015 tax information, you can always begin the FAFSA without it (by estimating your income and later correcting it). The sooner you complete the FAFSA, the better off your child will fair in areas where funds that are limited. How to Fill Out the FAFSA

Teens and Taxes

There is a CPA in Ohio whom I've never met but I know her by reputation.  She is an author and speaker for youth events and homeschool groups and her passion is to communicate an understanding of budgeting, taxes, and financial literacy to young people.  Carol Topp has created a website www.teensandtaxes.com that has a wealth of information for families with teenagers -- whether to file taxes, what kind of income affects whether to file, when to deal with self-employment tax, and so forth.   Her blog is easy to read and she has compiled most of the information in an e-book and Kindle book, if you have further interest.

Check it out today!

(Neither the CFD Companies nor Faith Investment Services are affiliated with Carol Topp, CPA or www.teensandtaxes.com.)