<p>I searched and couldn't find the answer, so forgive me if its answered somewhere else, but since a small biz with 1 employee is not counted on fafsa, is money in the small biz account part of the " how much do you have in checking", or is it included in "assets of the biz" which are not counted?</p>
<p>It's an asset of the small business, so it wouldn't be reported on FAFSA.</p>
<p>Thanks so much. I added it last year, but won't make that mistake again.</p>
<p>Including it as a parental asset instead of excluding it as a small business asset may not have impacted your EFC if you total reportable parental assets last year did not exceed your parental asset protection allowance (typically around 40 - 45K).</p>
<p>Will the small biz assets be reported on CSS Profile?
Also, a bit off-topic: should you file FAFSA and CSS every year even if you probably will get nothing , but there exists a slight hope that with two in college in 2009, there may be some mercy money/ </p>
<p>Thanks in advance.</p>
<p>Yes, it will be reported on the Profile, generally in the Business/Farm Supplement.</p>
<p>We will be filing every year, even though this year we got nothing but an unsubsidized Stafford loan (available to everyone).</p>