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Why is it important to choose your career wisely?

Choosing a career is one of the most important decisions you will make in life. It’s about so much more than deciding what you will do to make a living. M...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Which states do not tax pensions from other states?

Here again, there are many states (14 to be precise) that do not tax pension income at all: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washi...

What type of account is income tax benefit deferred?

Deferred income tax shows up as a liability on the balance sheet. The difference in depreciation methods used by the IRS and GAAP is the most common cause...

Can you sell stock and not pay taxes?

You can buy and sell investments via your 401(k) or IRA accounts without triggering capital gains taxes. Use capital losses to offset gains. By selling as...

Do I have to have receipts for tax deductions?

The Internal Revenue Service allows you to deduct expenses that are ordinary and necessary for the operation of your business. However, if you are audited...

What was the Inca tax system called?

Eventually a nationwide system of tax and administration was instigated which consolidated the power of Cuzco. The Incas themselves called their empire Ta...

Is common law marriage recognized for tax purposes?

Common law marriages are recognized for federal income tax purposes if they are recognized by the state in which the taxpayers reside. If the taxpayers la...

What is the maximum amount of Social Security tax that can be taken out of your paycheck?

We call this annual limit the contribution and benefit base. This amount is also commonly referred to as the taxable maximum. For earnings in 2021, this b...

How many digits is a California tax ID number?

nine A California Federal Tax ID Number which is also known as an Employer ID Number (EIN) or Federal Tax Identification Number is a unique, nine-digit ID...

Can I cancel my Turbo Tax?

Yes, if you have not yet filed your tax return you may cancel your order. Here is an FAQ with instructions on how to contact TurboTax Support regarding th...