At what amount is income taxable?
Single, under the age of 65 and not older or blind, you must file your taxes if: Unearned income was more than $1,050. Earned income was more than $12,000...
Knowledge Base
Latest insights and tutorials from the The Daily Horizon team.
Why do you have to pay taxes to the government?
Why You Must Pay Taxes. Besides taxes being the law of the land and the threat of fines or even jail time for tax evasion, taxes are used to pay for the e...
Read More →Are donations Non deductible expenses?
Only outright cash donations that do not give material benefit to the donor are fully tax-deductible. When a donor receives a benefit in return for the do...
Read More →Can you write medical bills off on your taxes?
You may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income. Medical care expenses include payments for t...
Read More →What is W 2 form in the Philippines?
BIR Form 2316 “Certificate of Income Tax Withheld on Compensation” is the Philippine equivalent of a W-2 form. It reflects your personal data, TIN, dates ...
Read More →Do 19 year olds pay tax?
Students are liable for income tax and National Insurance (NI) in the same way as other workers. However, the good news is that you are entitled to earn a...
Read More →Did William Addis invent the toothbrush?
1780. William Addis of England invented the first mass-produced toothbrush. While in prison, he drilled small holes in a cattle bone, tied swine fibers (f...
Read More →Is real property tax an indirect tax?
Value-Added Tax is a business tax imposed and collected from the seller in the course of trade or business on every sale of properties (real or personal) ...
Read More →How much do you get back for disability tax credit?
How much can you claim for the disability tax credit? For 2020, the federal non-refundable DTC for an adult is $8,416. If the person with the disability i...
Read More →Do retirees pay FICA?
Supposedly, retirement demands less income than you need in your working life. After all, once you’ve retired, you no longer have to pay Social Security o...
Read More →