<p>But if the income is from the family owned restaurant, then that income is being reflected on a schedule C, or K-1, or some other type of business tax return. Barnard is going to want to see all the tax returns – $35K is what your parents make after deducting expenses-- for a restaurant I would assume that gross income from sales is much higher. So let’s say hypothetically that the gross receipts are $300K, but $35K is what your parents are able to keep after paying for the lease, equipment, food purchases, payroll, etc. Your parents are being honest, but Barnard is going to want to see all the numbers and they may add some business deductions back into the mix. </p>
<p>Same with your export business – you only profit by $3000 a year – but you probably take in more money – it’s just that you have to pay for the merchandise you sell, and also pay shipping and costs associated with promotion of your business. Barnard’s going to want to see your Schedule C as well. </p>