Most people don't realize that the timing of a holiday bonus can have a significant impact on the financial aid you qualify for from the college of your choice. This is because your adjusted gross income--which, of course, is increased by the holiday bonus--is the starting point for calculating your financial need.

The most significant calendar year for financial aid purposes is called the "base year." This runs from January 1 of your child's junior year in high school to January 1 of his or her senior year. It's the year that has the greatest influence over your college aid package.

If possible, it's particularly advantageous to shift income out of this base year because doing so can increase the amount of financial aid you can potentially receive.

If you're up for a holiday bonus and your child is currently a junior, try to take the bonus before this calendar year is up. This will keep the bonus exempt from your child's future financial aid calculations.

On the other hand, if your child is currently a junior in college, try to postpone the bonus until January. This also keeps it safe from financial aid calculations.

In general, don't pass up bonuses just for financial aid purposes (it's always better to have more money in your pocket than less funds), but try to adjust the timing to your advantage. You might want to even consider asking for other perks that are still valuable to you, but that don't add to your income. It could very well be a win-win situation for both you and your employer.