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How do you calculate finance charges on overdue invoices?

Multiply the amount due by the daily rate. For example, if the customer owes $200, multiply 200 by 0.06 to get a daily finance charge of $1.20. If the cus...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

How much money can be gifted to a family member in India?

Gifts up to Rs 50,000 per annum are exempt from tax in India. In addition, gifts from specific relatives like parents, spouse and siblings are also exempt...

Can a LLC owner pay themselves as an employee?

In some cases, LLC owners, also called members, can elect to receive compensation as employees. The determination hinges on how the business is classified...

Can I claim my child the year they graduate from college?

If your child is a full-time college student, you can claim them as a dependent until they are 24. If they are working while in school, you must still pro...

Do you have to file Form 3115 every year?

Attach the original Form 3115 to your federal income tax return for the year of the change, including extensions. Form 3115 must be filed during the tax y...

What is the small business tax rate for 2020?

The company tax rate for base rate entities will now reduce from 27.5% to 26% in 2020–2021, and then to 25% for 2021–2022 and later income years. This mea...

What is the penalty for filing 1120 s late?

The penalty for failure to file a federal S corporation tax return on Form 1120S — or failure to provide complete information on the return — is $195 per ...

Can you pick MoneyGram up at Walmart?

Our dependable network lets you send funds online and pickup money at one of our thousands of MoneyGram locations across the country, including Walmart st...

Can I put my partner on my mortgage?

You will need to apply to your current mortgage provider to have your partners name added to your mortgage. As you were when you applied for the mortgage,...

Can my college student file his own taxes?

Students who are single and earned more than the $12,400 standard deduction in 2020 are required to file an income tax return. That $12,400 includes earne...