OK, this is embarrassing, but I have no idea what I’m doing. We had a college consultant for our oldest child, and he filled out the FAFSA for us. I thought we had to do something extra since we own a small business, but I’m not figuring out where to do that! The basic form makes it clear that you do NOT count the value of a business if it’s small and owned by the parents. Google hasn’t helped me so far. Any info or links would be appreciated!
What kind of extra stuff did you think you had to do? It’s not clear what you’re having trouble with. Is there a specific FAFSA question that we can help with?
There are no special forms or questions to fill out with most small businesses. If you are an S Corp then you’ll need your K1 to determine your AGI but that is on the income tax end which flows to the FAFSA. It’s the same if you are a sole proprietor or a partnership. The bigger challenge is the CSS Profile.
You won’t report the value of a family-owned business with fewer than 100 employees. When you are asked about income from work, you have to sum lines 7, 12, and 18 of the 1040 form and box 14 [code A] of Schedule K-1 (Form 1065) as an option for determining the income earned from work. That is an area where business owners sometimes do things incorrectly & end up selected for verification (because the reported income from work, AGI, and taxes paid might not seem “quite right” to the computer program that looks for that sort of thing). That’s about all I can think of that might be something for a business owner to think about for FAFSA.
I swear I did not write things twice … CC did it! And when I edit it, it looks fine but ends up right back to doubles! 
Thanks for the help! I could have sworn there was some kind of small business supplement when my son (HS class of 2010) was going through this. I thought that some of the home office deductions we took had to be added back into income or something. Glad I was wrong!
@kelsmom, I will double check my number for income from work.
The Business/Farm Supplement is a College Board thing (think CSS/Profile), not FAFSA.
OK, maybe we had to fill the CSS/Profile out since our son applied to some elite colleges. My D is not on that level! I’m glad I wasn’t totally imagining things.
@kelsmom, I talked to our CPA. Form 1065 is for PARTNERSHIPS, not S Corps. So we don’t use that number. So many nuances!
That is what CPAs are for. 
1120S is for S Corps