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re: Ideas for claiming private school as a tax deduction.
Posted on 8/9/12 at 10:09 pm to tiger114
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.
2
Posted on 8/10/12 at 7:38 am to Poodlebrain
Poodle, you wouldn't happen to live close to Covington huh?
Posted on 8/10/12 at 9:47 am to Poodlebrain
quote:
Start a business. Hire your children.
I have thought about this before but not in the tuition context. I.e., my company would provide "housekeeping" services to one client, me, and instead of gifting them annually, I'd pay them a salary or wage, file returns on their behalf (likely no taxes at their "income" level, but being a taxpayer would enable them to do things like open a roth, etc.
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