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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

5. Alternative Minimum Tax: Alternative minimum tax is applicable if an individual s taxable revenue is more than a predefined amount. In that case, the individual would otherwise pay negligible tax now has to shell out a certain amount, which lowers the advantages of certain deductions and credits. 6. Itemized Deductions: The alternative to the … Continue reading Alternative Minimum tax and Itemized deductions