<p>Ok so I've had to fill out the Fafsa and the CSS Profile all by myself, since my parents don't really know anything regarding financial matters. However, I'm stuck on a few questions. For the CSS Profile, the business supplement, they as for a "gross reciepts or sales less returns and allowances" and then "Gross Profit." It seemed like these two were the same to me, so i'm a little confused right now. Also, are we required to fill in all these blanks? My parents don't know the answer to some of these, so what do I do? I really really need help..</p>
<p>K, "gross sales" and "gross profit" are two different things. Do your parents run a business? Are you working from receipts or prior year tax returns?</p>
<p>Second, which areas exactly are blank?</p>
<p>The business supplement is only if your parents own a business (not just stockholders in a business), and not for employees. If they do own a business, they need to have these numbers for their books. Do they have an accountant? You need to talk to the accountant or to whomeve it is who keeps the books and does the taxes.</p>
<p>Yes my parents manage a liquor store. My parents asked their accountant friend, who told them that they only had to fill out section C on the business/farm supplement because the rest didn't apply to them, but I wasn't sure if that was right. The areas that are blank are practically the whole supplement, specifically the bottom right corner and the second page.</p>
<p>I recommend you listen to the advice of your accountant friend. The business/farm supplement is rather complex. It would be worth buying a couple hours of CPA time to get it filled out correctly.</p>
<p>K, I agree with dy123. This section is a little more complex than the rest of it and is best if a qualified person helps you through it.</p>
<p>Managing a liquor store and owning it are two very different things. If they do not own it, they are employees and there is a lot you don't have to complete.</p>
<p>Well, right, if all they do is manage someone else's store then they have no reason to be filling out the B/F supplement at all. It is only for businesses/farms your parents own all or a part of.</p>
<p>Yeah my parents own and manage it.</p>
<p>So get a CPA to help them (you) produce a B/F supplement that is an accurate reflection of the value of the business. The point is to get a statement of the assets (book value and fair market value) and liabilities, which when subtracted gives the value of the business. There is also a profit and loss that is to be included, not sure why, unless it is just a reality check or verification of the Schedule C.</p>