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Are prizes and awards miscellaneous income?

Prizes and awards: Money you pay in prizes and awards for independent contractor services, or prizes and awards that are not for services performed (i.e.,...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

How much does a personal investor charge?

Most financial advisors charge based on how much money they manage for you. That fee can range from 0.25% to 1% per year….Financial advisor fees. Fee type...

Is EFIN same as Ero?

Electronic Filing Identification Number (EFIN) A 6-digit identification number assigned by the IRS to accepted applicants for participation in IRS e-file....

What are the two types of corporate stock?

There are two main types of stocks: common stock and preferred stock. What are the different types of stocks? Here are the most common types of stocks: In...

How do I report foreign tax paid on 1040?

For each fund that paid foreign taxes, report the amount from Box 7 of your Form 1099-DIV on Form 1040. You do not have to fill out Form 1116, Foreign Tax...

How much of your money is protected if a bank is FDIC-insured?

$250,000 The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in differen...

Can I deduct rental expenses before renting?

Expenses incurred prior to the commencement of a business are not currently deductible. In the instance of rental real estate, costs incurred before a pro...

Should I put my personal home in my trust?

A trust will spare your loved ones from the probate process when you pass away. Putting your house in a trust will save your children or spouse from the h...

What are tax liability credits?

A tax credit is a dollar-for-dollar reduction of the income tax you owe. For example, if you owe $1,000 in federal taxes but are eligible for a $1,000 tax...

Should I rent out house or sell it?

Sales Price: If the properties in your area are going through a slump period or you expect the property prices to rise in the near future, it is better to...