I have been contracting out my pharmacist services to a local hospital and have been paid via 1099. My financial advisor had me set up a C-corp. I am trying to find the best ways to deduct all of my earnings (about $18,000-$20,000 per year) from the corporation as to avoid paying any taxes on those earnings. My financial advisor sent me brief description of IRC sec 117. As owner/sole employee of C-corp can I use IRC sec 117 to set up a schloraship for my dependent children to pay for private primary school tuition and fees? I am not sure my advisors recommendations have been accurate/helpful.