Learning Library Quick Answers Tax Planning

Can a client claim the Lifetime Learning credit for their child's high school tuition expenses?


Answer: Neither the American Opportunity or Lifetime Learning credits can be taken for high school tuition expenses. However, thes....

Can a client write off college planning expenses just as they would other employee benefits?


Answer: Typically, college planning is a personal financial service that is not deductible by the client's business. However, if y....

Can a small business owner hire his child under 18 and not take out FICA taxes?


Answer:This only works with a sole proprietorship or husband/wife partnership. It will not work through any other entities.....

Can an irrevocable trust be used to get a 529 state tax credit?


Scenario: When working with an Irrevocable Trust for the benefit of the minor, if the trust is paying the cost of attendance and t....

Can an S Corp set up a Section 105 medical reimbursement plan?


Answer: A S Corp can set up an IRC Section 105 Medical Reimbursement plan.....