Can I do this?

m3racer · #1 (**permalink**) 04-24-2008, 03:06 PM

Can I set myself up as a S corporation and than pay off my student loans thru it. This would allow me to save $$$ pre-tax and pay off my student loans.

Seeker · #2 (**permalink**) 04-24-2008, 05:08 PM

Google Answers: Corporate taxes + paying off employee student loan

This answers better than I can

m3racer · #3 (**permalink**) 04-24-2008, 06:14 PM

Screwed by the government again!!!

Scanner · #4 (**permalink**) 04-25-2008, 08:25 AM

m3racer,

My suggestion in life is to develop the saying:

"I like paying taxes."

Really. . .try saying it 3x.

Try to avoid getting an accountant who will offer "creative accounting" to get around taxes. Student loan interest is partially deductible so take advantage of that.

I like my accountants to be old, gray-haired, have coke-bottled glasses with one of those accountant calculators that are screwy, and smoke a cigar (male or female Conservative). It's just not worth it. You don't need a young hot-shot accountant coming in, telling you to set up S-corps, now you are paying filing fees and yearly fees, plus 2 different returns, so you can save a few dollars in tax.

And that's exactly what some hotshots will do.

Remember. . .say,

"I like paying taxes." and tell your acct. that while they look at you like you have 2 heads.

ea1776 · #5 (**permalink**) 04-25-2008, 12:33 PM

Quote:

Originally Posted by Scanner

I like my accountants to be old, gray-haired, have coke-bottled glasses with one of those accountant calculators that are screwy, and smoke a cigar (male or female Conservative).

FrugalFish · #6 (**permalink**) 04-25-2008, 12:36 PM

Quote:

Originally Posted by Scanner

m3racer,

My suggestion in life is to develop the saying:

"I like paying taxes."

LOL, I actually don't mind paying taxes. I did until the year that we were both mostly unemployed and had almost no income to report. I was so embarrassed to file taxes that year and mortified when we got an EIC that I didn't know we were entitiled to. Wow, it was awful. It feels a lot better to make money and pay taxes than to feel like such a complete failure.

maat55 · #7 (**permalink**) 04-25-2008, 01:00 PM

I don't really mind paying taxes, but I can't stand how the government spends it. Knowing that many people cheat on their taxes, doesn't bother me so much, knowing that the money stays in the economy.

I know that many of you are going to flipout with that statement, so swing away.