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Do I file state taxes with no income?

If you live or work in one of the states below that don’t have income tax, you won’t need to worry about filing a state tax return for that state. Note: N...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What is the secondary objective of taxation?

Purpose of taxation Secondary purposes • To reduce inequalities in wealth and income by imposing progressively higher taxes. To prevent inflation by incre...

Do you have to pay taxes on social security when you turn 70?

Turning 70 alone does not change the Social Security tax due on your wages since your filing status and income determine that. If your only income comes f...

What happens if you file taxes without all your w2s?

If you don’t report all of your income, then the IRS will send you a notice in the mail. When you file a tax return the IRS matches the forms up with what...

Can intraday trading be treated as short-term capital gain?

Intraday trading income from equity trades is treated as speculative business income and is considered business income rather than capital gains. The busi...

When do I have to file my 2009 tax return?

Important: You can no longer e-File a 2009 Federal or State Tax Return. Instructions on how to complete and mail in the Forms are below. Prepare and eFile...

Who controlled the railroad industry in the 19th century?

New York financier J.P. Morgan played an increasingly dominant role in consolidating the rail system in the late 19th century. Who controlled the railroad...

How is hotel tax calculated?

To get the hotel tax rate, a percentage, divide the tax per night by the cost of the room before taxes. Multiply the answer by 100 to get the rate. For ex...

What happens if you claim the same dependent?

Assuming you entered your dependent’s information correctly, it looks like someone else claimed your dependent. Because the IRS processes the first return...

Can you claim yourself as a dependent at 17?

To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test: To meet the qualifying child...