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Posted: 6/7/2009 6:11:42 PM EST
Briskette heard something about incorporating a family as a nonprofit to spread out or reduce tax liabilities, specifically with regard to deducting educational expenses for school-age children.

Is her tinfoil on too tight? I would assume lots of legal/accounting/financial help would be needed, if it's even feasible.
We do not operate anything remotely resembling a business; I am employed by a separate company, and that's more than enough work.

Briskette asked me nicely, so I'm also asking nicely: can anyone offer some advice suggestions regarding the feasibility of this, and where to start?

Thanks much.
Link Posted: 6/13/2009 7:52:26 AM EST
Tinfoil hat (a big one). Sounds like someone is angling for a tax dodge.

Non profits are governed by the IRS. Tons of paperwork to fill out. In order for an entity to be a non-profit, it has to have as its primary purpose one of the items listed under 501(c) of the code.
Link Posted: 6/13/2009 10:40:28 AM EST
If it worked don't you think every tax attorney would have their cleints do it?
Link Posted: 6/14/2009 1:54:46 PM EST
Do you know what incorporating does? It creates an entitiy. Guess what, you already are an entitiy. So see what Tax provisions work best for your entitiy.
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