<p>I run a very small business and have 2 checking accounts associated with it. They both only have about $2500 to $3000 each and that "pillow" is crucial to running my business and paying the vendors. One is listed with my name first and a "DBA" with my business name afterwards, the other is a PayPal business account. They are not savings or fun money by any means, my business could not function without these accounts. Are they supposed to be counted on the FAFSA? It happens that these accounts put us just over the asset protection allowance. According to the FAFSA rules my business and its assets are no way near large enough to be reported, but I worry that the checking accounts will be counted as personal accounts.</p>
<p>I would think that if they are titled as business accounts, then they are an asset of the business...not personal.</p>
<p>If they are titled only in your name and not in that of the business, then I would expect them to be treated as personal accounts.</p>
<p>I hope that's the case, and that mine are listed good enough to show they are business and not personal. I wish there was some way to flag them, the way the questions are on the FAFSA they won't even know I have a business which is why I'm afraid they'll look like more personal accounts.</p>
<p>On FAFSA, small business assets aren't counted. So don't report the business checking and the PayPal account. If you're asked about why these accounts weren't included in FAFSA, you can point out that they're business assets, and demonstrate why they are (the DBA on the checking, and the inflow of business income only on the PayPal).</p>
<p>Profile will ask for these assets in the Business Supplement.</p>
<p>I'm incorporated, so my business checking is under my EIN number not my social. However, even if your checking accounts are under your social security number I wouldn't worry. If you are selected for verification you will have to send all of your tax forms which will show your schedule C, (or 1120S if you are incorporated) and that will show that you have a business. If the schools should chose to dig further (I doubt it) THen you can show them that you have paid expenses out of those accounts.</p>
<p>If applying to any profile schools that info will be included on the profile and the business and farm supplement so it would be very clear.</p>
<p>I always take so long to reply that other's (S-blake) post before me....</p>
<p>:) ............</p>
<p>One account is under my EIN, the other is so old it was opened before I became an LLC so it's under my soc # but does have the "DBA" on it. The schools my son is interested in don't required anything other than the FAFSA so no profile for us.</p>