Sep
03
2011
For college apps, should my parents go for higher income taxes or lower income taxes?
I am an uprising senior and my parents are wondering if they should apply for higher or lower income taxes, since they own their own businesses and their income varies throughout the year unlike workers. So i guess the question is, does their income rate affect the odds of my admission into certain colleges? Should we go for a higher or lower tax rate?
This conversation was published at Accounting Services of Charlotte, NC
Tagged apps, college, higher, Income, lower, parents', Should, Taxes
SubaSeptember 3, 2011 at 6:47 am
They should report what income they have. (The truth). Income tax is based on annual income no matter how the income fluctuates during the year.