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 … Continue reading Eligibility for daycare tax deduction
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