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What is tax fiscal year?

According to the IRS, acceptable tax years are: The regular calendar year of 12 consecutive months beginning January 1 and ending December 31. A fiscal ye...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Is energy efficient credit refundable?

The energy tax credit isn’t a refundable credit that would result in you receiving money. The energy credit is a nonrefundable credit that can only reduce...

What are the components of real property?

The broader term real property includes the physical land (the surface and what lies below and above it), everything that is permanently attached to it—wh...

Is a graphic t-shirt business profitable?

According to the report by Statista, the t-shirt market is expected to grow annually by 9.6% from 2020-2025. As we have discussed the growing demand and p...

Did employment taxes go up in 2021?

Payroll Taxes Both workers and employers continue to pay the 1.45% Medicare tax on all compensation in 2021, with no cap. Workers also pay the 0.9% Medica...

Is a permanent resident a US national?

All US citizens are US nationals, though the inverse isn’t always true (we’ll discuss the difference shortly). In contrast, a Green Card holder is an immi...

How do I set up a Chart of Accounts in QuickBooks online?

It’s super easy. In QuickBooks Online, click on the gear icon on the top right of the screen, then under “Your Company”, click “Chart of Accounts”. Once o...

Is it a good time to flip houses 2021?

Yes, studies show that flipping houses is lucrative and likely to remain profitable in 2021. Is it a good idea to flip houses? Flipping houses may sound s...

Can foreigners be members of LLC?

Yes, a US LLC can be owned entirely by foreign persons. Regardless of immigration status, the United States will allow foreigners to form a company as lon...

What are 5 responsibilities of a lawyer?

Duties Advise and represent clients in courts, before government agencies, and in private legal matters. Communicate with their clients, colleagues, judge...