Does anyone know how the profile/schools will value a business? Truly there is very little value as I am contract labor, in other words I do not have a client list to sell. But some other businesses might have more value due to clients. Perhaps I should attach an explanation?
Also, what do folks use for their Home valuation, Zillow? Town assessment is less. Thank you.
Every college that uses Profile will have their own methodology. There is space at the end of the form to explain unusual or unique circumstances; you should take advantage of that as you see fit.
Use whatever gives you the most accurate current fair market value, to include your own best informed guess.
Isn’t it in your best interests that your value/assets are as low as possible? So I would not include any notes on the value of your business. The house question, I wonder what other people do, in the same vein, I would use the county assessment which is lower than market value, but it’s also easily backed up with documentation.
I would not automatically do this. A town/city/county assessment can be wildly different than fair market value, which is what the financial aid forms are asking for. Use whatever provides the best estimate of fair market value, even if that is your own opinion based on a decent knowledge of the current local market. There is no one answer to “what number do I use for FAFSA or Profile?”, but don’t use an already determined number (like a county assessment) that you know is unrealistically low.
DH’s second job is a consulting-based independent contracting for which he files estimated quarterly returns for self employment taxes. D20’s school is a CSS Profile school and the financial aid office followed up with a list of questions, all of which were answered with a one sentence reply by email that said something along the lines of being self employed, compensation is reported on IRS Form 1099-Misc and no other assets are attributed to this employment. The FA officer basically told us what to write.