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I am thinking of hiring an intern and paying their college tuition fees rather than a salary. But I have some questions first.
1. Can I do this?
2. What are the tax implications to me and the intern?
3. If I can do this how to I categorize the expense?
4. Is there an annual limit on what can be deducted?
Thank you in advance for any guidance.
The amount you pay for college is income to the student and you are liable for payroll taxes on that amount.