<p>My husband and I are both freelance and are paid via 1099's .. Our tax guy completes our taxes and schedule C's for our business income -- taking assorted deductions for expenses. We don't own a business per se --</p>
<p>I received "asset info forms" from schools asking about what type of business we own and it's value and debts... How do I answer this question? </p>
<p>Thanks</p>
<p>I think you essentially do own a business (or two), in the eyes of most–you are self-employed consultants. I am a sole-proprietor, “doing business as”–but really, I am self-employed and the colleges see me as a business owner. I think any independent contractor/freelancer would be seen as a business. (FA experts, correct me if I am wrong!)</p>
<p>While I did assign a value for my business (a low value, based on owned assets such as computers, and what was currently out as receivable). I made a note/comment on the profile that the business had no value aside from the assets as the value was generated only by my work, something non-transferable in a sale (don’t remember where I put this note–maybe there is a comments section?, this was last year and D wound up at a FAFSA-only school, which doesn’t require business info for those w/ fewer than 100 employees).</p>
<p>You could also consider asking your tax guy to help you complete the form.</p>
<p>Good luck! Hated that business form stuff.</p>
<p>I’ve come to the conclusion that this varies by school. I also do freelance work that is paid on a 1099, filed on a Schedule C w/no assets or the like and have found so far that some schools accept a letter stating that the income is from self-employment, not a business, one school says they’ll waive the requirement after they view the Schedule C and 2 have had me fill out the form with just the parts that apply to me. It’s a jumble.</p>