Author: Arabian Media staff

Tax Rate Single  Married Filing Separately  Head of household Married Filing Jointly 0%  Up to $48,350  Up to $48,350  Up to $64,750 Up to $96,700 15% $48,351 to $533,400 $48,351 to $300,000 $64,751 to $566,700 $96,701 to $600,050 20% Over $533,401 Over $300,001 Over $566,701 Over $600,051 Bonds The income on bonds depends on several factors. The first factor depends on who issues the bond and the second depends on whether you end up with a capital loss or capital gain if you sell it before maturity. For interest income: Corporate bonds: These bonds are issued by companies. If you purchase these…

Both transfer an estate to heirs, but only a trust can skip probate courtReviewed by Lea D. UraduFact checked by Jared EckerHero Images / Getty Images Will vs. Trust: An OverviewA will is a legal document that provides instructions for distributing property to beneficiaries after death. A trust is a legal structure that allows an individual (the grantor or trustor) to transfer assets to a trustee for management and distribution according to the grantor’s wishes. Trusts can be used both during a person’s lifetime and after death, while wills only take effect after death. Both can be practical estate planning tools,…

Key Takeaways Columbus’s central location and proximity to John Glenn Columbus International Airport make it a convenient travel hub. The city’s low cost of living can help make room in the budget for trips, especially the housing costs, which are roughly 38% below the national average. Residents enjoy big-city amenities, including accessible health care and a vibrant art scene, without much of the usual large metro drawbacks, like high prices and heavy traffic. Columbus offers outdoor recreation opportunities year-round, with four distinct seasons but relatively mild weather. When you picture your post-work years, do you see yourself going on frequent…

Forms 1099 report a wide range of taxable income to the Internal Revenue Service (IRS). Issuers of these payments are obligated to notify the IRS that the transactions have taken place, and they do so by submitting the appropriate 1099 form. The IRS then compares a taxpayer’s return to the information on any 1099 form in their name bearing their tax identification number. Failing to report 1099 income on your return can potentially result in an audit. You’ll know that a 1099 has been submitted to the IRS in your name and with your tax ID number because the issuer…

Some companies offer employees the option of postponing part of their pay until after they retire using what is called a non-qualified deferred compensation (NQDC) plan. The plan may be offered in addition to, or in place of, a qualified retirement plan such as a 401(k) plan. The plans are typically offered as a type of bonus to upper-level executives, who may max out their allowable contributions to the company’s qualified retirement plan. In an NQDC plan, both the compensation and the taxes owed on it are delayed until a later date. If you are considering this type of retirement…

Net Income vs. Adjusted Gross Income: An Overview Understanding the difference between net income and adjusted gross income (AGI) can be crucial for managing your finances, whether you’re preparing taxes, evaluating your take-home pay, or analyzing a business’s profitability. Both terms relate to income, but they differ in significant ways, especially when it comes to taxes. All income starts with gross income, which is the total of all the money you make in a year. This includes salaries, wages, bonuses, capital gains, and interest income. But this differs from the money we take home and put into our bank accounts.…

Key Takeaways The initial accumulation of $100,000 is the hardest and most important step in building wealth, Munger says. Frugality, discipline, and patience are essential to getting to that threshold. Once you reach that critical threshold, compounding accelerates wealth growth. As Warren Buffett’s legendary right-hand man at Berkshire Hathaway, Charlie Munger spent decades building a $2.6 billion fortune. Munger’s advice on how to start building wealth was blunt and honest. It’s also a stark contrast to the get-rich-quick promises that are so common today. Munger, who passed away in 2023, said the hardest part of getting rich is putting together…

401(k) withdrawals count as income and must be reported to the Internal Revenue Service (IRS). Starting at age 59½, retirees can begin accessing 401(k) funds without an early-withdrawal penalty. At age 73 (for individuals born between 1951 and 1959) or age 75 (for those born in 1960 or later), retirees must start taking required minimum distributions (RMDs). Key Takeaways Withdrawals made from 401(k) plans are subject to income tax at your effective tax rate.During the years that they contribute to a traditional (non-Roth) 401(k), retirement savers enjoy a lower taxable income.Early withdrawals are subject to income tax and a 10%…

Planning for retirement when considering just yourself can be stressful. But what happens when your clients realize their retirement plan may be further complicated due to caring for aging parents or a special needs child? According to the AARP and the National Alliance for Caregiving 2025 joint report, roughly 1 in 4 American adults are caregivers. Here’s what I’m telling my clients to help them prepare. Key Takeaways Have open conversations with members of your family. Be clear about caregiving roles and responsibilities. Prepare a comprehensive retirement plan and estate plan. Understand your long-term care options. What I’m Telling My…

What Is a Silver Certificate Dollar Bill Worth Today? Silver certificate dollar bills, issued by the federal government in the late 1880s, let investors purchase silver without the hassle of storing bullion, coins, or raw metal.  Silver certificates no longer trade for actual silver, but they remain legal tender, redeemable at face value. In today’s collectors’ market, many are worth far more than what’s printed on them. In this article, we look at the history of this unique form of currency and how much it’s worth today. Key Takeaways A silver certificate dollar bill was a legal tender issued by…