<p>I would be very cautious to assume EFC is accurate.
( colleges can also correct FAFSA when they find it is inaccurate- they often request 1040’s & W’2s and make adjustments)
We made $55,000 when oldest was applying to college and our EFC was $14,500. ( no second home, no large savings or medium either).
That was nine years ago & I do not think that the formulas have changed significantly since then.</p>
<p>Also , it seems to me that business deductions, even charitable deductions only actually let you deduct an nth of what you paid out.</p>