Eligibility for daycare tax deduction
If you have set up a day care business in your home, you are eligible for daycare tax deduction. This deduction is valid even if you do not use the premises exclusively for business. What is a care centre by day can well be home by night; and you will still be eligible.
However, it is important to know what qualifies as daycare. When you provide care for children or individuals incapable of looking after themselves because of physical or mental impairments you are in the daycare business. But to run one, you need to have valid certifications or exemptions. If, however, you have had your license revoked or application rejected, you are not eligible to run a daycare centre.
Keywords: Tax Deductions, Tax Savings, Tax Planning
