Hi, husband of a family of six. Wife runs a residential day care with the help of our four daughters. I do the legal, tax and policy admin for the business.
If I take a business deduction for mortgage interest and taxes can we then take the standard deduction on our personal taxes? I'm pretty sure you can only take the remainder of the deduction if you itemize. This could greatly benefit us with the increased standard deduction tax year 2018.
I would also like to say being my first post Tom Copeland and his books have been a godsend. Its his name that brought me to this forum, which is enlightening and often entertaining! Check out his audit archives some time. I learned the most from those
