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Started By
Message
Ideas for claiming private school as a tax deduction.
Posted on 8/9/12 at 3:42 pm
Posted on 8/9/12 at 3:42 pm
Can anyone help me with ideas to claim private school tuition as a tax deduction?
I have 3 kids starting private school within the next 2 years. (1 child this year and 2 the following year.) Kindergarten is $6k a child and it quickly gets up to ~$10k child after 2nd-3rd grade. I am looking at $18k/year next year and rising to $30k within the next few years.
Are there any methods to not paying taxes on the tuition?
TIA
I have 3 kids starting private school within the next 2 years. (1 child this year and 2 the following year.) Kindergarten is $6k a child and it quickly gets up to ~$10k child after 2nd-3rd grade. I am looking at $18k/year next year and rising to $30k within the next few years.
Are there any methods to not paying taxes on the tuition?
TIA
10
Posted on 8/9/12 at 3:46 pm to Chad504boy
You sound like my chicken-shite accountant. 
Get creative, man. There has to be a way to do this.
Get creative, man. There has to be a way to do this.
Posted on 8/9/12 at 3:51 pm to tiger114
do you have any overseas bank accounts?
Posted on 8/9/12 at 3:54 pm to tiger114
quote:
Are there any methods to not paying taxes on the tuition?
Yes. Send them to public school.
Posted on 8/9/12 at 3:56 pm to Chad504boy
quote:
do you have any overseas bank accounts?
No.
Posted on 8/9/12 at 3:57 pm to rmc
quote:
Yes. Send them to public school.
No can do where I live. Public schools are notoriously awful in Mobile.
Posted on 8/9/12 at 3:58 pm to tiger114
quote:
Are there any methods to not paying taxes on the tuition?
Cash crops.
Posted on 8/9/12 at 4:07 pm to tiger114
Move to Louisiana and get the state deduction.
Posted on 8/9/12 at 4:16 pm to tiger114
Find a cheaper private school?
I went to Catholic schools K-12. I don't know what tuition was in K-8 but it wasn't that much, because high school was more expensive and it was only $4k a year because we tithed to the church.
Still, non-Catholic students only paid $5k/year.
I went to Catholic schools K-12. I don't know what tuition was in K-8 but it wasn't that much, because high school was more expensive and it was only $4k a year because we tithed to the church.
Still, non-Catholic students only paid $5k/year.
Posted on 8/9/12 at 4:16 pm to tiger114
not gonna happen
Posted on 8/9/12 at 5:15 pm to tiger114
Just put it as a cash donation on schedule A.
Posted on 8/9/12 at 5:26 pm to SippyCup
quote:
Move to Louisiana and get the state deduction.
I know this was partially a joke but the OP should seriously consider moving somewhere else.
If tuition only stays the same he's going to shell out $300K in K-12 tuition alone. That's not even counting college for potentially 3 kids.
You have to wonder if living in Mobile is worth it.
Posted on 8/9/12 at 5:32 pm to ZereauxSum
This thread is making me never want to have kids. Holy shite, 300k just for K-12.
Posted on 8/9/12 at 6:30 pm to TheOcean
quote:
This thread is making me never want to have kids. Holy shite, 300k just for K-12.
It's fine if you live in an area with decent public schools. If you don't, you have to make some pretty tough choices.
I also have 3 kids and paying for private school would be the lowest ranking of my choices. If I were the OP I would look at moving first. If I had to be in mobile for work, I'd look for a suburb within an hour or so that has decent schools and move there. Or maybe consider finding another job elsewhere.
Posted on 8/9/12 at 6:34 pm to tiger114
Honestly, send them to public school until they are in 5th grade. That is when the environment starts to decline. Try to get them into a gifted program if possible.
Posted on 8/9/12 at 7:10 pm to saderade
quote:
Honestly, send them to public school until they are in 5th grade.
This, they get to be around a lot of diversity for the elementary school and then when it matters they are in a more controlled environment. I wen to private school 7-12 and that was a really nice balance.
Posted on 8/9/12 at 8:59 pm to tiger114
quote:
No can do where I live. Public schools are notoriously awful in Mobile.
Move to Baldwin County. It's either leave Mobile or pay up.
Posted on 8/9/12 at 10:09 pm to tiger114
Start a business. Hire your children. Provide you employees with education fringe benefits that qualify as non-taxable fringe benefits. The total tuition may exceed the limits allowed by law, but the excess would be income to your children, and then you could put money into retirement plans for them and other creative stuff to try and avoid taxes on the income.
Posted on 8/9/12 at 11:27 pm to Blakely Bimbo
quote:
Move to Baldwin County. It's either leave Mobile or pay up.
I know. I have debated that. I am paying for private school. I am not sending them to public whether it be Mobile or Baldwin Co.
I just want to know if there is any loophole that I am overlooking on how the tuition can be tax deductible.
Looks like there isn't. Sincerely appreciate the responses.
quote:
Blakely Bimbo
to you my Lower AL friend. This post was edited on 8/9/12 at 11:33 pm
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