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Does a housewife have to file taxes?

If your housewife didn’t have any source of income like her income, rental income, interest from Fixed Deposits (FD), Mutual Funds, or Nil investments, et...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What is income tax used for UK?

Income tax is the government’s main source of revenue and is collected by HM Revenue & Customs (HMRC) on their behalf. The government uses the revenue...

Can you claim more than 2 dependents?

You can only claim dependents who are either a qualifying child or a qualifying relative. DO claim all qualifying children that were born or adopted withi...

Will there be Social Security in 2035?

By 2035, the number of Americans 65 and older will increase to more than 78 million from about 56 million today. As a result, more people will be taking m...

Are dividends taxed in the year paid or declared?

Investors pay taxes on the dividend the year it is announced, not the year they are paid the dividend. Do I have to pay taxes on dividends that are reinve...

How much council tax do I pay monthly?

10 monthly Council Tax is an annual fee your local council charges you for the services it provides, like rubbish collection and libraries. Normally you p...

What funeral expenses are deductible on Form 706?

Individual taxpayers cannot deduct funeral expenses on their tax return. While the IRS allows deductions for medical expenses, funeral costs are not inclu...

How do rebates work?

What is a rebate? Rebates are a retrospective payment which ultimately reduces the overall cost of a product/service at a later date. This makes rebates d...

At which age can you take out your retirement without a penalty from the IRS?

age 59 ½ The IRS allows penalty-free withdrawals from retirement accounts after age 59 ½ and requires withdrawals after age 72 (these are called Required ...

How much tax do you pay on fringe benefits?

The rate of fringe benefits tax is 47%. How do you calculate fringe benefit tax? To calculate an employee’s fringe benefit rate, add up the cost of an emp...