Tax Deductions with Section 127 – Tuition Reimbursement for Children/Grandchildren
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 …
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