Happy 2020 to my dear readers. May the coming year bring you happiness, health, and great college experiences!!! Here we are at the start of another year, and once again it is time to turn to that most majestic of annual traditions. It is a tradition where we state a goal at the beginning of the year and then (hopefully) work towards the goal throughout the year; some of us pay close attention to this and others simply ignore it except at this time of the year. Yes, I am talking about — taxes. (Did you think I was going to discuss New Year’s Resolutions? Yes, that conversation will come soon too!
For many of you, January is the month where you will file your tax returns (or at least get ready to file them) so that you may receive your tax refund as quickly as possible. If you will owe money, remember that you have until April 15 to file your Federal Tax Return (much more on this to come).
In the coming month we are going to address how to file a tax return (including free resources to get it done), why you might want to file, and common traps to avoid.
To begin, let me know if you have any particular questions about income tax forms which have been puzzling you. Remember that your financial aid is based (in large part) on the information on your (and, for dependent students, your parents’) tax returns, so you want to make sure you file them in a timely manner so you don’t delay your financial aid application. With the current financial aid system, the income tax return for 2019 (which you will file in the next few months) will be used in your financial aid application (FAFSA and others) for 2021-22 (which you will be able to start completing as of October 1, 2020).
Confusing, I know. But moneyman is here to help! We will tackle each piece one step at a time.
For now though let’s talk about resolutions. What New Year’s Resolution have you set for yourself? What commitments will you make to your financial health (as well as your emotional, physical, psychological, and spiritual health)? Add yours as comments to this post and let’s be a community of support for each other.
With eyes wide open (20/20 – get it?), here’s to a year of great success and clear goals. Happy New Year!