<p>OK, I read through this thread and it seems pretty clear - the Profile schools are not going to give you “credit” for a business loss you can take on your taxes. If Husband makes approx. $100k and the business loses $10k you can report a total income of $90k on taxes, but the college will not use that same $90k number. They’ll look at home deductions, depreciation, other expenses that add up to a loss and then add them back in. Also, they may just consider it a wash and use the $100k as your family income - you don’t have to invest in a losing business over paying for college, that’s your call.</p>
<p>Also, OP, you said your business didn’t pay you anything this year… can you clarify? Are you sating it had a net loss or did you retain the earnings and re-invest them in the business? Is your business a corporation? LLC? Schedule C ? The Profile schools can look at these differently.</p>