Posted by Dave H (MI) on January 30, 2016 at 08:43:12 from (50.108.86.148):
In Reply to: Re: TAX TIME posted by K Effective on January 29, 2016 at 18:19:47:
You can always run some numbers and see if employing them thru the farm works. They take those earnings and put them against tuition. The net savings of the deduction versus the payroll burden would need to be evaluated. The IRS knows about this type of idea so best be able to document that they actually work and that the compensation is reasonable. I have also had people drop the child as an exemption. We run the numbers both ways. If it works out to be a strong benefit some of these people have the child kick back some money to compensate for the lost exemption. Neither idea works in all situations...just thinking out loud.
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