Here’s an advantage to being in business for yourself: create a tax-favored educational assistance program.
Hire your child age 21 or older. Grant the education program to all your employees, including your employee-child. Now, you may deduct up to $5,250 of your employee-child’s college tuition and book fees. The $5,250 is the annual, per-employee limit on Section 127 educational assistance.
To create the benefit, you need a plan. Good planning can make this benefit well worth the effort.
To put the plan in place, your child ... Log in to view full article.