<p>There are two issues at stake here (small business owner and FAFSA three year vet here).
For the FAFSA assets remaining in the business are not counted provided the business has under 100 employees and falls in the 51% rule. But income which shows up on the parents schedule C and then on the AGI is included. If it is on your individual *not business tax return it is on your FAFSA.
For the profile a different set of rules apply.</p>