Right now I am self employed and write some off my college tuition off as a tax write off. However, Turbo Tax says that max that I can deduct is 1500. Obviosuly, I'm paying much more than that! The problem with self employment is that I am doubled taxed - which comes out to about 30% taxes.

So I was thinking of changing my setup from self-employed to an LLC or corporation and having my college tuition be a business expense - thus paying no taxes on my income used to pay for it. My question is:

1) Would this get around the 1500 limit? If its my corporation, I would think I can spend money on whatever I want!

2) Would it be a problem if I reported a loss for the remaining years I am in college? Since my tuition is high and I work part time, the revenue of the company would be less than my college tuiton expenses. Other than college tuition, I would have no other expenses since my busienss is a service.

I was just wondering if anyone has tried this? Is anyone an accountant and can you offer some advice? If not, any suggestions for a board with tax experts or more financial expertise? I realize that this is a somewhat complicated question and mostly beginers post here.

Thanks for the help!