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What is a start up operation?

The term startup refers to a company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Can an individual carry back an NOL?

Taxpayers can carry back NOLs, including non-farm NOLs, arising from tax years beginning in 2018, 2019, and 2020 for 5 years. See section 172(b)(1)(D)(i)....

Can you use the phrase my question regards?

You can say, my question regards, but you would be in the minority here. If you google that construction, you gat a decent number of hits, but if you look...

Why do they ask if down payment is a gift?

The letter also must indicate that the money is a gift and that there is no expectation of repayment. The lender may also require further evidence of the ...

Does a single member LLC need to have an annual meeting?

Single member LLCs should have meeting minutes for any actions that its operating agreement calls for a vote. Often this includes decisions to add new mem...

Do you report gambling winnings on taxes?

Gambling income is almost always taxable income. This includes cash and the fair market value of any item you win. By law, gambling winners must report al...

Do you have to pay child support if you have 50/50 custody in PA?

When two parents no longer live together, the primary custodial parent, or the parent who has the children for more than 50% of overnights in a 2 week per...

What is the only factor that is relevant in a deduction for depletion?

Three factors determine whether a landowner qualifies for the depletion deduction. First, the landowner must have an ownership interest in the mineral pro...

How much will I take home if I earn 47500?

On a £47,500 salary, your take home pay will be £35,962 after tax and National Insurance. This equates to £2,997 per month and £692 per week. If you work ...

What does it mean to spend money wisely?

Spending money wisely basically means getting the most for your money in line with what matters to you. This, in turn, helps you save more and puts you on...