<p>Hello,
I need to know if my daughter will get financial aid if i don’t file the taxes for last year???
I am a business owner and running behind on the filing… please ADVICE!!!</p>
<p>You need to contact your child’s college. Many business owners file “later” but the fact is that some colleges expect you to file ASAP so they can finalize your student’s reward. Many schools will give an estimated financial aid award based on your estimated FAFSA (you DID do one of those, right??? if not…do it NOW). BUT the award will not be finalized in most cases nor disbursed until you amend your FAFSA to reflect that you DID indeed file your taxes and the numbers on the FAFSA reflect those ON your tax returns.</p>
<p>Call the college and ask them what allowances they make for self employed business owners. They will tell you what they do.</p>
<p>Is your daughter is a rising senior? Yes, they will need 2011 and 2010 to verify your fin aid applications. The aid app will be incomplete without them and monies could be allocated to other students. For specific issues, do call the fin aid offices.</p>
<p>The fin aid review for business owners is quirky enough to begin with. You don’t want a situation where her aid is not official by the time she has to choose one college to commit to. And/or, a reduction, later, after they see your final documents.</p>
<p>Hey momzayro, I’m a business owner too, and I sympathize. </p>
<p>We normally used to file in September for the previous year, but when my son was applying to schools we (my husband and my accountant) busted our collective butts to get everything done early in the spring.</p>
<p>It totally sucked and there were times when I wanted to throw things, but once it was done it was like a weight was lifted off me.</p>
<p>But this was the second year (son is a sophomore) and it was a LOT easier the second time around… </p>
<p>Are there any true obstacles in filing early or is it just habit?</p>
<p>Also a business owner with a rising senior, and we too don’t normally file until September. We’ve already had discussions with our bookkeeper and our accountant about having all our duckies in a nice little row this year so that we can get filed very early.</p>