For Parents Who Are Business Owners

Timothy C. Parros provides each college planning client a personalized, comprehensive College Plan that directs the entire college planning, selection and funding process. This system is designed especially for families that own their own business and make ‘too much money’. These independent business people typically do not qualify for financial aid therefore we use little-known strategies to make college a more affordable financial experience for parents and a rewarding life experience for students.

  • Independent market research indicates that the college planning process overwhelms most high-income families with college-bound students. And while parents feel responsible for providing their children with a college education, they are concerned that college funding will impact their current spending patterns and impede their ability to retire comfortably.
  • These families typically will not be eligible for financial assistance from federal and state government sources, which are the largest supplier of “need-based” financial aid. Furthermore, they have most of their wealth accumulation centered in their home equity and retirement plans. While high-income families are typically deemed affluent, they are often “broke” and have very little personal savings available for paying college expenses.

By reducing the financial impact of the college commitment, we are helping parents accumulate and preserve more money required for a comfortable and financially secure retirement. By helping the student with the college selection process, we are helping them attend a college that is best suited for them, and affordable for their parents.

What we can offer includes…..

Tax Aid

  • Summary of estimated federal taxes for the parents and each student
  • Determine the eligibility of the parents or student(s) to claim the American Opportunity Tax Credit
  • Determine the impact of income-shifting and gifting strategies in reducing federal taxes
  • Calculate the support test for personal exemption and kiddie tax purposes
  • Measure the impact of Roth IRA conversions on need-based financial aid and tax aid eligibility

Timothy Parros finds that a high percentage of his clients are small business owners, such as doctors and lawyers. Tim helps these business owners to reposition their income and investments assets into a category that is non-assessable. This allows his clients to reduce their Estimated Family Contribution (EFC) for their family, allowing their children to qualify for more need base aid, or merit based aid.

All of the strategies that Tim uses are not applicable to everyone and he is always careful to stay within the current tax laws. It is very important to note that Tim does not advise his clients to hide assets or doing anything that is questionable and Tim will work closely with each client’s CPA.


Parros College Planning is the place to go for advice, insight, and hands-on support. Wondering how to pay for college, reduce your tuition bill, or just get in?
Look no further than the, you can easily schedule a consultation via, phone, web meeting, or face-to-face with a highly trained Certified College Funding Specialist®.