Hiring your kids in your business is an incredible tax planning strategy, but it's also a great way to teach them about business as well. It’s also a way to save for your children’s college education. Since hiring your children is a tax planning strategy, there are some specific rules you need to follow to avoid running afoul of the IRS. Wages paid to your children are a valid business deduction, as long as they do bona fide work and they are compensated fairly. The age range for hiring you....
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When it comes to money for college, getting "merit aid" tops the list for many, especially for your high income/high net worth clients. But what exactly is merit aid and how do you get it? Merit aid can significantly reduce college costs, especially at private colleges. Learn how to be at the front of the line when colleges hand out their merit aid. What Is Merit Aid? "Merit aid" is a general term for grants, scholarships, and tuition discounts that a college offers to certain student appli....
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Poor students still get money, but higher-income classmates get a growing share ITHACA, N.Y. — Maya Portillo started life solidly in the middle class. Both her parents were college graduates, they sent her to a Montessori school, they took family vacations and they owned a house in Tucson filled with the books she loved to read. Then, when she was 10, Portillo’s father left, the house was foreclosed on and the recession hit. Her mother was laid off, fell into debt and took Portillo and her....
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Supplemental Federal Work-Study Program funding awarded to more than 900 schools Washington — Secretary of Education Betsy DeVos today announced $10.4 million in additional funds to assist students at more than 900 schools affected by the recent natural disasters. The Federal Work-Study (FWS) Program funds will be distributed to schools located in Federal Emergency Management Agency-declared major disaster areas impacted by hurricanes Harvey, Irma and Maria, as well as schools across the n....
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