The Daily Horizon

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Which cities in India are famous for their cotton textile industry?

Chennai, Tirunelveli, Madurai, Tuticorin, Salem, Virudhnagar and Polachi are the major cotton textile centres. Kanpur, Etawah, Modinagar, Moradabad, Barei...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Can we claim HRA and rent paid?

HRA exemption can be claimed on rent paid, home loan interest as per section 24 and principal repayment under section 80C. An individual can claim HRA tax...

Do you get a bigger tax refund if you have kids?

For 2020, a new baby also delivers a tax credit of up $2,000, even if the child was born late in the year. Unlike a deduction that reduces the amount of i...

What qualifies someone as a Dependant that can be claimed on your taxes?

A tax dependent is a child or relative whose characteristics and relationship to you allow you to claim certain tax deductions and credits, such as head o...

What kind of Education do you need to become a doctor?

Most Universities require you to have A-Level Chemistry, as well as either A-Level Biology, A-Level Maths or A-Level Physics and one other academic subjec...

What bills should I keep and how long?

How long should you keep documents? Store permanently: tax returns, major financial records. Store 3–7 years: supporting tax documentation. Store 1 year: ...

Why do states have taxes?

State governments use taxpayer dollars to fund road maintenance, law enforcement agencies and other public services. The funding for those services typica...

How do I get my W-2 form online?

Once you find your employer, simply follow the instructions to have an electronic copy of your W-2 form sent to H&R Block. (If your W-2 isn’t availabl...

What is the difference between a dependent and an exemption?

An exemption will directly reduce your income. A credit will reduce your tax liability. A dependent exemption is the income you can exclude from taxable i...

Are Social Security and Medicare taxes withheld from pension payments?

While Social Security benefits are subject to income taxes after retirement, pension payments, annuities, and the interest or dividends you receive from y...