Search Results for: tax deductions

2. Deductions: In addition to the standard deduction, some common above-the-line deductions include:i) Trade/ Business expensesii) Alimonyiii) IRA contributionsiv) Net capital lossesv) Expenses incurred due to property used for income generation Income tax laws are not easy to understand. It is therefore always possible that individuals choosing the standard deduction may or may not be … Continue reading Heads under which you can avail deductions

If you qualify as a family daycare provider then you can claim deduction on expenses made on providing meals and snacks. If you have employees, you can deduct 100% of their food cost as expense, provided that their salary does not include a food component. If you provide snacks and meals to your wards then … Continue reading Expenses that qualify for tax deduction in daycare