Client makes about $160K in taxable income annually.
His son has just entered college, and Daddy is footing the bill. This is true even though his ex-wife is claiming the son as a dependent.
As far as taking education credits or tuition adjustment, his income level slams the door on that. He would like to find a way to benefit taxwise for all the money he is having to pay. As it is, I don't even know a thing to tell him. He cannot even claim his son as a dependent.
Dad does have a company, and one way would be to pay the son for working at the company. But his son does not work at the company, and any such wages paid to him would be phony.
Any ideas?
His son has just entered college, and Daddy is footing the bill. This is true even though his ex-wife is claiming the son as a dependent.
As far as taking education credits or tuition adjustment, his income level slams the door on that. He would like to find a way to benefit taxwise for all the money he is having to pay. As it is, I don't even know a thing to tell him. He cannot even claim his son as a dependent.
Dad does have a company, and one way would be to pay the son for working at the company. But his son does not work at the company, and any such wages paid to him would be phony.
Any ideas?
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