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What causes a tax liability?

One of the most common causes of deferred tax liabilities comes from varying asset depreciation schedules. For example, suppose a company uses an accelera...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What transactions affect expense accounts?

Expense Accounting Accounting for expenses follows the debt-credit matching principle of accounting. A debit entry signals an increase in an expense, whil...

Does Term Life insurance have disability?

Life insurance and long-term disability insurance are both sources of income protection, though they differ in how they offer coverage….How insurance work...

How are custom homes appraised?

As a general rule, a customized house will be valued close to the houses’ value. If it is lavishly built, then it can attract just a rate slightly above t...

Can a non resident contribute to an IRA?

Qualifying non-US citizens can open an IRA if they live and work in the country. This can be either a Roth IRA or a traditional IRA. In 2019 the annual IR...

What happens if you take out 10k from a bank?

In general, banks must report any transaction exceeding $10,000 in cash. The law also requires banks to check identification on any transaction that would...

What is the difference between distributor and importer?

A distributor is “any natural or legal person in the supply chain, other than the manufacturer or importer, who makes a product available on the market.” ...

Can you lowball a short sale?

The seller’s mortgage lender will check property values in the area so a lowball offer is not recommended. Many banks are so overwhelmed with short sale r...

Do I have enough deductions to itemize?

If the value of expenses that you can deduct is more than the standard deduction (in 2020 these are: $12,400 for single and married filing separately, $24...

What 3 things affect the rate of return on an investment?

Any bondholder, or any investor for that matter, will allow three factors to influence his or her required rate of return. The three factors are the follo...