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How does contributing to a 401k retirement plan reduce taxes?

Contributions to qualified retirement plans such as traditional 401(k) plans are made on a pre-tax basis, which removes them from your taxable income and ...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Which tax will help to control pollution?

“Green taxes” (also called “environmental taxes” or “pollution taxes” or “eco taxes”) are excise taxes on environmental pollutants or on goods whose use p...

Can states impose taxes on goods from other states?

The Export Clause, found in Article I, Section 9, Clause 5 of the U.S. Constitution, directly states “No Tax or Duty shall be laid on Articles exported fr...

Who pays taxes on rental income?

If you own a property and rent it to tenants, how is that rental income taxed? The short answer is that rental income is taxed as ordinary income. If you’...

What is the minimum income to file taxes as a dependent?

Criteria for Filing Taxes as a Dependent in 2019 If you’re a single or married dependent under age 65, you need to file taxes if any of these are true: Un...

Do special needs people pay taxes?

California does not tax social security income from the United States, including survivor’s benefits and disability benefits. Social security income may b...

What is the 2021 corporate tax rate?

8.84% Corporate Tax Rates By State 2021 State Corporate Tax Rate Illinois 9.50% Alaska 9.40% Maine 8.93% California 8.84% What is the current US corporate...

How much is the tax on a pack of cigarettes in California?

Effective April 1, 20171, the tax rate is $0.1435 cents per cigarette, which is two dollars and eighty-seven cents ($2.87) per pack of twenty (20) cigaret...

What is the purpose of the 16th Amendment?

The 16th Amendment to the U.S. Constitution was ratified in 1913 and allows Congress to levy a tax on income from any source. The change was generally sup...

What states do not pay federal income tax?

Nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — have no income taxes. New Hampshire, howeve...