Search Results for: tax deductions

Those who are self-employed or are planning to start a business from their home should make full use of the provisions made under the different home business tax deduction heads. These deductions include: Home Office: A home office is that part of the house, which you use solely for your business functions. You can benefit … Continue reading Home business tax deduction for self-employed

3. The Standard Deduction: When individuals have minimal below-the-line deductions, they are directly granted a standard deduction. The standard deduction under different heads in 2004 was as follows: i) Single $4,850ii) Head of household $7,150 iii) Married filing a joint return $9,700 iv) Qualifying widow(er) with dependent child $9,500 v) Married filing a separate return … Continue reading Standard deductions and Itemized deductions