If I were to pay [each month] on one of my employee's student loans, would this be tax deductible?
2007-11-12 06:57:37 · 4 answers · asked by The E 1 in Business & Finance ➔ Taxes ➔ United States
It would be deduction for you, as any employee benefit would be, but the money would be taxable to the employee.
As a general rule of thumb, you do not want to give one employee a benefit without giving it to others. Contact your accountant and a HR specialist.
2007-11-12 07:16:53 · answer #1 · answered by Wayne Z 7 · 3⤊ 0⤋
Wayne is right if you are thinking of it as an employee benefit.
However, if you are thinking of it as a deductible expense for your company it is still not deductible because it is not a debt that you are obligated to pay. Unless you are a co-borrower.
2007-11-16 02:18:01 · answer #2 · answered by Hank Roitman, EA 4 · 0⤊ 0⤋
Sorry but NO.
Your employee is not a recognized charity.
2007-11-12 15:08:06 · answer #3 · answered by nolainkansas 5 · 1⤊ 3⤋
If I tell you YES, would you pay mine?
2007-11-12 15:04:50 · answer #4 · answered by ? 6 · 0⤊ 1⤋