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Is the mortgage interest deduction part of the standard deduction?

The mortgage interest deduction is a type of deduction that encourages homeownership, allowing the interest paid on a mortgage to be deducted from taxes. ...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Do I need a 1098-T if I had a scholarship?

No, you don’t have to report your 1098-T, not unless you want to claim an education credit. However if your grant/scholarship amount (box 5) is more than ...

When a company is offered terms 2/10 N 30 what discount has it been offered if it pays within 10 days?

2/10 net 30, defined as the trade credit in which clients can opt to either receive a 2 percent discount for payment to a vendor within 10 days or pay the...

Does Clio do accounting?

Answer: No, Clio is a Practice Management software with a ‘Billing’ or ‘Invoicing’ feature. The only accounting that Clio handles is generating invoices, ...

Can a foreign person own a partnership?

Can a foreigner be a partner in an LLC? Yes, they can. A small business owner, also known as a member, can operate under the structure of a limited liabil...

What makes you a sole proprietor in New York?

As a nonresident sole proprietor or partnership, you carry on a business, trade, profession, or occupation within New York State if you (or your business)...

Can you negotiate with IRS to remove penalties and interest?

Here are three ways to do it: Reduce the tax. The first thing that you or an experienced tax professional should do is figure out why you owe the tax. Red...

Is stock market Expected to Rise?

The Bottom Line. Although it is believed that the momentum of growth, witnessed during late 2020 and early 2021, will fade away, equity markets are still ...

Can I claim my daughters student loan interest?

You can’t deduct qualified student loan interest payments you paid on a loan in your dependent’s name. Neither of you can deduct the loan interest if both...

How do I choose a merchant account?

When choosing a merchant account provider for your seasonal company, consider the provider’s pricing plans, PCI compliance, fees and more. Ask your mercha...