Self Employed Deduction

Paying for College
1

<p>Does anyone have experience with how a CSS PROFILE school deals with business deductions? I have a legitimate 90k in deductions and my business lost money this year. Will CSS schools add any deductions back even though they are all vital to the company?</p>

2

<p><a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1350188-question-about-business-losses-expenses-added-back-income.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1350188-question-about-business-losses-expenses-added-back-income.html&lt;/a&gt;&lt;/p&gt;

<p><a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1330401-business-expenses-css-profile.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1330401-business-expenses-css-profile.html&lt;/a&gt;&lt;/p&gt;

3

<p>I heard that CSS schools tend to “add” back depreciation and sometimes health insurance! I doubt they will “add” a substantial portion back into your income but I also think it could change your aid package. Maybe you should try NPC or give us more details about the specific school you are referencing?</p>

4

<p>The net price calculators are very clear. They are not particularly accurate for those who are self employed. Many schools do add back in expenses. Many self employed deduct things like cars, clothing, home office space, utilities (in the home)…and other expenses that regular employees would have anyway as part of their regular living expenses.</p>

5

<p>^^ I think that is a good rule of thumb from Thumper, depreciation, health insurance and other items that salaried people pay out of income. It does vary college to college. For the first time I just filled out a supplement for a Profile college that asked not what the equity in our home was, but did ask how much we pay for taxes and insurance which in retrospect might be even a more accurate indicator of home value. I would think this is a fairly straightforward question and if you e-mail finaid they might even tell you what gets added back to income.</p>

6

<p>Is self-employed health insurance deduction the same thing as business insurance deduction on the “Other Deductions Worksheet”</p>