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How long does it take for the IRS to release funds to child support?

I called child support and they said that it can take 4-8 weeks to process the payment once they receive it from the IRS. Will the third stimulus check be...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What are excise returns?

Excise taxes are taxes that are imposed on various goods, services and activities. Such taxes may be imposed on the manufacturer, retailer or consumer, de...

Do I have to file a W-2 under 200?

No you would not be required to file a tax return for a W-2 of less than $500 assuming you had no other income. If any federal income tax was withheld, yo...

Can you claim your in law as a dependent?

Your mother-in-law’s income may disqualify her from being considered your Qualifying Relative on your tax return. You may claim your mother-in-law as a de...

Can the IRS or child support take your stimulus check?

For certain outstanding debts — including past-due child support and unpaid student loans — the IRS can withhold some or all of your unpaid stimulus payme...

Can you write off a home equity line of credit?

Interest on a HELOC or a home equity loan is deductible if you use the funds for renovations to your home—the phrase is “buy, build, or substantially impr...

Do you have to pay taxes on a lawsuit settlement?

It’s even more important now with higher taxes on lawsuit settlements under the recently passed tax reform law . Many plaintiffs are taxed on their attorn...

What deductions are taken out of a paycheck?

Mandatory Payroll Tax Deductions Federal income tax withholding. Social Security & Medicare taxes – also known as FICA taxes. State income tax withhol...

Are personal exemptions the same as allowances?

Exemptions are claimed on your Form 1040. You are allowed one exemption for yourself, one for your spouse, and one for each qualifying dependent. Allowanc...

Why is NOPAT important?

Net operating profit after tax (NOPAT) is a financial measure that shows how well a company performed through its core operations, net of taxes. NOPAT is ...