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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

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