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What happens if I owe state taxes?

If you owe state taxes this year it’s important to pay what’s owed by the filing deadline. Otherwise, your state tax agency could charge you penalties and...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Can I buy a property from my self-directed IRA?

One of the most common prohibited transactions is known as self- dealing, which is when the IRA owner attempts to do business with themselves. This isn’t ...

Is a sale agreement binding?

A Sale and Purchase Agreement (SPA) is a legally binding contract outlining the agreed upon conditions of the buyer and seller of a property (e.g., a corp...

Are income taxes affected by accelerated depreciation?

Using accelerated depreciation on the income tax return will mean greater depreciation expense and smaller taxable income in the earlier years of an asset...

Will a credit card default stop me getting a mortgage?

Well, fear not – a loan or credit card debt won’t necessarily stop you from getting a mortgage. But the amount of debt you have will certainly influence h...

What happens when a contractor files for bankruptcy?

If the contract is assumed, the debtor’s bankruptcy estate becomes bound by the contract, and all amounts owed thereafter by the debtor under the contract...

What does it mean to file articles of incorporation?

Articles of incorporation are a set of formal documents filed with a government body to legally document the creation of a corporation. Articles of incorp...

How do you calculate age factor for CalSTRS?

The percentage is determined by your age on the last day of the month in which your retirement is effective. If you’re a CalSTRS 2% at 60 member, the basi...

How do you forecast cash collection?

The formula is: take the beginning accounts receivable for the forecast (this should be the accounts receivable in the opening balance sheet), add forecas...

What is the most a company can match on 401K?

Here’s what you need to know: Contribution maximums are $19,500 per employee. For those aged 50 and up, the “catch up contribution limit” will hover aroun...