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Private & Independent Schools
Reply to "financial aid at our Big3 is a farce"
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[quote=Anonymous]It’s quite possible for someone’s taxes to look like they have zero income if someone owns a business and is deducting assets that have depreciated. My husband and I make more than $500K a year but our taxes show our income in the negative due to business losses. It is not shady. We have filed everything according to the tax code. Due to this, we received Biden’s child tax credit checks last summer and fall. We have received all of our federal taxes back as a refund check (which pays our kids private school tuitions) the past few years. I think it is silly the government issues these based on tax returns only. We have 2 homes and high net worth but this is what the tax code allows. I believe if a school looks at tax returns and the homes aren’t in their names, this result is quite possible. [/quote]
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