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What happens to 401k after death?

When a person dies, his or her 401k becomes part of his or her taxable estate. You will need to pay income tax on the amount you receive (in addition to a...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Who is exempt from sales tax in Colorado?

Generally, an organization qualifies for sales tax-exempt status if it is organized and operated exclusively for one of the following purposes: It is a re...

How much do I need to retire on 100k a year?

With that in mind, you should expect to need about 80% of your pre-retirement income to cover your cost of living in retirement. In other words, if you ma...

What is EA certified?

Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 ...

What do you need to know about the CPA exam?

Everyone has a basic understanding of income taxes, because we all file personal income tax returns. The CPA exam, however, covers two other forms of tax ...

Why is my bonus taxed at 40%?

It comes down to what’s called “supplemental income.” Although all of your earned dollars are equal at tax time, when bonuses are issued, they’re consider...

How can an LLC increase basis?

The tax basis thus determined will be increased by such member’s share of the LLC’s liabilities, by its share of the LLC’s income, and by any subsequent c...

How do I find out how much my motel is worth?

ADR or Average Daily Rate is one of the better known KPIs (Key Performance Indicators) of the hotel industry and this rule of thumb essentially assigns a ...

Can you borrow from a Roth 401k?

401(k) loans: If you’d like to access the money in your Roth 401(k) and you don’t qualify for an early withdrawal, you can take out a loan from your accou...

What is paid driver in insurance?

A legal liability cover for a paid driver implies that if you have hired a driver to drive your vehicle and he meets with an accident while driving it, th...