As the times approaches to file a new Financial Aid Application, so does Tax Return season.  If you or your parents work between January 1, 2007 and December 31, 2007 and receive a W2 from your employer, you must file a Tax Return with the Internal Revenue Service.

It is imperative to file as soon as possible in the new year so you can have the proper information to complete your Financial Aid Application early.  The sooner you file your tax return, the sooner you can complete your FAFSA. You want to submit your FAFSA in January or February for priority consideration for all financial aid.

There are several ways to complete your tax return.  Most financial aid applicants’ finances are simple enough to file their own return. There are free clinics offered in the spring by the IRS if you need help or want to make it’s correct.  For those who are comfortable with the internet, the IRS offers a free e-File service through their website (www.irs.gov.) It is a free service for those with an income below a figure set by the IRS. You can also pay a tax professional to complete and file it for you.

If you are unsure about how to file or have questions regarding specific tax questions, please see a tax professional to help you file accurately.  Incorrect Tax Returns can delay any tax refund you may receive and delay the processing of your Financial Aid Application.

Quick Tip:  If you are married, you cannot file as Head of Household.  This filing status is reserved for individuals who are not married.  Please file as Married filing Jointly or Married filing Separately to prevent any delay in processing your Financial Aid Application and Tax Return.