If my boss pays my college tuition can he use that as a export tax write stale and how?
My college is a bunch of twits that cant digit out how to process financial aide anyone that I put my application within contained by May and they are of late immediately figure stuff out. THey enunciate I should return with it this week but if I dont achieve it by friday I enjoy to reimburse partially my tuition out of pocket and I dont hold that money. This royaly stinks so I thought almost asking my boss for a loan and letting him enjoy the reciept of my tuition as a export tax write stale benign of as a appreciation for loaning me the money. He is such a sweet heart though if I put in the picture him he can write it stale he will probably basically offer me the money. I a moment ago entail to know if he is allowed to write if sour so that I can present the notion to him surrounded by a formidable comportment.
Answers:
He could expense it as hand fringe benefits whether it's a agenda C business, an 1120, 1120-s, 1065 Partnership. But he would enjoy to give alike accord to any other member of staff that works for him. Otherwise he'd hold to add on it to your W-2 at the appendage of the year as taxable wages to you contained by command to take off it. He can't nick a college tuition credit (Hope Credit, Lifetime Learning Credit, or Tuition and Fees Deduction) for you on his personal return, unless you be his dependent.
If he pays your tuition, that is to say treated similar to wages, similar to an everyday business expense. It is also taxable income for you
You boss can do this legitimately beside no problems as "continuing education", if the courses are related to your mission duties.
If alike benefit is made to adjectives body the employer can subtract the costs even if the courses do not relate to your livelihood. Normally CE offer are reimbursement upon completion of the course, but that's a minor issue.
If he LOANS you the money, he is NOT paying your tuition. It would be no different than any other loan. If he if truth be told PAYS the tuition (you don't own to repay him) to be precise a completely different issue. It would after depend on how the classes related to your chore and if other organization be given duplicate present. If the tuition is considered a legal business expense, he would treat it like peas in a pod as any other expense.
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Answers:
He could expense it as hand fringe benefits whether it's a agenda C business, an 1120, 1120-s, 1065 Partnership. But he would enjoy to give alike accord to any other member of staff that works for him. Otherwise he'd hold to add on it to your W-2 at the appendage of the year as taxable wages to you contained by command to take off it. He can't nick a college tuition credit (Hope Credit, Lifetime Learning Credit, or Tuition and Fees Deduction) for you on his personal return, unless you be his dependent.
If he pays your tuition, that is to say treated similar to wages, similar to an everyday business expense. It is also taxable income for you
You boss can do this legitimately beside no problems as "continuing education", if the courses are related to your mission duties.
If alike benefit is made to adjectives body the employer can subtract the costs even if the courses do not relate to your livelihood. Normally CE offer are reimbursement upon completion of the course, but that's a minor issue.
If he LOANS you the money, he is NOT paying your tuition. It would be no different than any other loan. If he if truth be told PAYS the tuition (you don't own to repay him) to be precise a completely different issue. It would after depend on how the classes related to your chore and if other organization be given duplicate present. If the tuition is considered a legal business expense, he would treat it like peas in a pod as any other expense.