<p>You need a CPA who can show you your bottom line, as a C corp, after taxes and etc. But all this is moot unless the person also understands fin aid. Think of all the self-employed who have all their i’s dotted- and then the college reassesses their numbers. </p>
<p>From the Profile for 2012-13: Does the student own all or part of a business, corporation, partnership, farm, home or other real estate, or is the student self-employed? Check the answer that applies. U.S. citizens who own all or part of a business usually files a Form 1040 Schedule C. U.S. citizens involved in a partnership may file a Schedule K-1.</p>
<p>Looking forward is correct. You need to know what Boston University does with those self employed figures. You will also be asked the value Iif your business, so be prepared for that question. If you say ZERO, they are going to wonder how you make any money at all at this.</p>
<p>Yes, BU is a Profile school but last I heard, you filed as an incoming freshman and only refiled if your circumstances changes. However the FAFSA is required annually.</p>
<p>OP…What DO YOU think your earnings should pay for? YOUR earnings should go towards COA.</p>
<p>I agree with Mom2. As I stated above, colleges do NOT award need based aid to subsidize even small businesses that are making money. They do not award need based aid so that students can accumulate a nest egg of income for use after they graduate.</p>
<p>Need based aid is awarded to students who don’t have the income or assets to pay part of the COA. </p>
<p>This student should be proud that he has the earnings that can be contributes to his COA for college.</p>
<p>And like I said earlier, if Boston University is too costly, there are plenty of schools where the income this student is earning would pay for his education in its entirety,</p>