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What are the consequences of a business going bankrupt?

The consequences of a Chapter 7 bankruptcy are significant: you will likely lose property, and the negative bankruptcy information will remain on your cre...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What are the risks of a joint account?

While joint accounts are convenient, many people do not understand the risks of equal ownership. You must implicitly trust the other person. Money in join...

Can I drive my dads car with his permission?

Can I drive my parents’ car without insurance? You must be properly insured if you drive on the public road, no matter how short the distance, even if you...

Is IRS accepting tax returns by mail?

We’re open and processing mail, tax returns, payments, refunds and correspondence. However, COVID-19 continues to cause delays in some of our services. Ou...

How does paying liability in cash affect the accounting equation?

If liabilities are purchased with cash then supplies will be bought against income statement. It would affect net income. In simple words, it means assets...

Is hydrocephalus considered a birth defect?

Hydrocephalus is one of the most common “birth defects” affecting more than 10,000 babies each year. One out of every 500 newborns has hydrocephalus. What...

What is the return on commodities?

The return on a commodity futures contract is the sum of: change in spot price + roll yield + collateral yield. Excess return indexes include the first tw...

Can an LLC be cash basis?

Accounting Methods for an LLC One can choose to use either the accrual basis or cash basis of accounting when initially setting up the accounting system f...

How much is a downpayment on a condo in NYC?

The average down payment in NYC is 20% of the purchase price. It’s possible to put down 10% or less on many condos in the city. Most co-op apartments have...

What is 85000 salary take home?

Income Tax Calculator California If you make $85,000 a year living in the region of California, USA, you will be taxed $24,276. That means that your net p...