Need Your Help Accountants

[Little Buddy 14]

So, i am a college sophomore and was wondering if i could setup a scholarship program or have the business pay for my schooling, even though i am the owner (I am a chemistry/biz major so it is directly related to this industry).

I know you can do education reimbursement for employees, but nothing for the business owner. Why waste all the money on uncle same with taxes when you could use this as a write off and get school paid for tax free.

Thanks, and would like to hear everyones thoughts on this.

-Joe

[Douglas Hicks 128]

Joe, I do not know about college classes. I do know that attending mfg classes, UMACC meetings, RT, and other business related meetings are usually deductable. You can also deduct the cost of travel, meals (50% only), parking, while at meetings. Just keep good records.

[zhamilton89 14]

I would call a good accountant and see if you could speak with them, try asking around and see if you can find a family friend who is an accountant. Your going to need one for your biz anyway in the future. I am also a college sophomore and I am an entrepreneurship major, I tried to get some credits by treating my business like an "internship" but it was a no-go. Just know that there are hundreds of scholarships/ grants out there for your school costs and your business. Where are you going to college?

[Little Buddy 14]

University of Wisconsin-Eau Claire, for chemistry with a business emphasis...also pre-dental. I want to go to Marquette, but it is $35,000 a year for undergrad.