Our goals in helping you fund educational costs are to provide all amounts necessary with tax-deductible dollars, invest these amounts so that they can grow tax-deferred, and then be paid out tax-free to meet college, graduate and professional school costs for your children. Through doing so, you can achieve federal and state income tax savings of up to $70,000 per child.
Tax-Deductible Funding
In order to achieve tax-deductible funding, you should employ your children through your practice beginning at age 6, and pay them the maximum reasonable salary in exchange for their services. The wages paid are tax-deductible to...
Log in to view this resource
Not Yet a Member?
Join The McGill Advisory with a money-back guarantee
Learn More
Join
Start Your Free 45-Day Trial Membership
Begin increasing your wealth—by saving on taxes, boosting practice profit, conserving what you earn, and ensuring a successful retirement.
Your 45-day free trial entitles you to an 8-page monthly newsletter, plus unlimited online 24/7 access to hundreds of tax reduction, practice management, wealth protection, and retirement planning solutions. No obligation, no credit card.
Free 45-Day Trial Membership
The McGill Advisory content Is provided For informational purposes only And does Not constitute legal, accounting, Or other professional advice.
Copyright © 2024 John K. McGill & Company, Inc.
Education Planning | Saving/Paying for College
How To Get The Most From An Overfunded Section 529 College Savings Plan
Read Article
Education Planning | Saving/Paying for College
New Changes Increase Savings From Tax-Deductible College Funding
Read Article
Education Planning | Saving/Paying for College
How New Technology Increases Tax-Deductible College Funding Options
Read Article
Education Planning | Saving/Paying for College
Pay ZERO Taxes Under The New Law With Tax-Deductible College Funding
Read Article
Education Planning | Saving/Paying for College
Update On Deducting Specialty School Costs
Read Article
Education Planning | Saving/Paying for College
The Best Approach to Funding Specialty School Costs with Tax-Deductible Dollars
Read Article
Once you have created your account, click below to refresh this page and access this content.