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What happens to income when interest rates rise?

Rising Interest and Present Income Consumers can absorb some interest rate hikes. Companies that have to pay higher interest for their loans tend to pass ...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What does it mean to rebuild your credit?

When you are rebuilding credit, you cannot afford to have a payment reported as late. Late payments stay on your credit reports for up to 7½ years, so the...

How are medical expenses deductions calculated in 2020?

This threshold was originally scheduled to go up to 10% of AGI in 2019, but the 7.5% of AGI has been extended to 2020. You can get your deduction by takin...

What do auditors do during an audit?

To form the opinion, the auditor gathers appropriate and sufficient evidence and observes, tests, compares and confirms until gaining reasonable assurance...

Can shares be gifted to spouse?

You could gift the shares to your wife In this situation you do not have to pay any capital gains tax. This is because a gift to your spouse does not cons...

How much can a widow receive from Social Security?

Widow or widower, full retirement age or older—100 percent of your benefit amount. Widow or widower, age 60 to full retirement age—71½ to 99 percent of yo...

Why do they keep lowering my credit limit?

A credit limit decrease can happen because your spending habits changed or if your good credit is mixed up with someone else’s bad credit. A sudden decrea...

How does interest rates affect monetary policy?

A monetary policy that lowers interest rates and stimulates borrowing is known as an expansionary monetary policy or loose monetary policy. Conversely, a ...

Do you have to pay taxes on a money transfer?

For those receiving financial gifts through an international money transfer, you won’t pay taxes, but you may be required to report the gift to the IRS. I...

What does waiving rights to a joint and survivor annuity?

When the participant dies, the spouse will receive lifetime payments in the same or reduced amount. The participant may waive the Qualified Joint and Surv...