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Can you lose S corp status?

To voluntarily terminate an S corporation’s status requires a vote by the shareholders. Any combination of shareholders that make up 50 percent of the out...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Why would a small business owner not take a salary?

Because different business structures have different rules for the business owner’s compensation. For example, if your business is a partnership, you can’...

How much does it cost to start a distribution business?

You will also need a place of business, office equipment, and some warehouse equipment (like forklifts if you have heavy products or shelves if you have l...

What is a livable salary in Utah?

Living Wage Calculation for Salt Lake County, Utah 1 ADULT 2 ADULTS (1 WORKING) 0 Children 2 Children Living Wage $15.11 $33.15 Poverty Wage $6.13 $12.60 ...

What happens if a house is down valued?

Get the property valued again by a different surveyor acting for a different lender. Try to renegotiate the price with the seller – or simply lower your o...

Can I build my sons credit?

You can begin building your child’s credit whenever you want to by making him or her an authorized user on your credit card. Usually, you have to be at le...

What does reversal of previous payment mean?

A payment reversal is when the funds a cardholder used in a transaction are returned to the cardholder’s bank. This can be initiated by the cardholder, th...

Are 401k distributions taxable in New Jersey?

For New Jersey income tax purposes, withdrawals from IRAs, 401(k)s, and 403(b)s will generally be deemed taxable to the extent the withdrawal exceeds the ...

What type of expense is interest on loan?

Interest expense is a non-operating expense shown on the income statement. It represents interest payable on any borrowings – bonds, loans, convertible de...

How much does an electric car start cost?

The range across the country varies from $11,144 to $14,696. In California, a 6-kW system can run from $12,000 to more than $15,000 after the credit. Ther...