Deductions related to the premises of daycare
When you run a daycare facility there are certain things you must keep in mind before calculating your deductions. First, you are entitled to deductions related to the premises from where you operate, in this case your home.
You need to find out exactly what portion of your house you use for business and, with what frequency. If you use the premise exclusively for daycare then
you are eligible to deduct all expenses, subject to the stated limits. However, if the usage is part business and part personal then you have to state what
percentage of the total use is for business.
Keywords: Tax Deductions, Tax Savings, Tax Planning
