After Selena Quintanilla-Pérez’s untimely passing in 1995, her wealth and estate became a matter of public interest. The majority of her assets, including her music catalog, businesses, and real estate, were inherited by her husband, Chris Pérez. She had previously established a trust fund to provide for her family’s financial stability. Selena’s parents, Abraham and … Read more
Being a financial advisor can be a lucrative career path, with the potential for high earnings. However, the income you make will depend on several factors, including your experience, skills, client base, and the type of firm you work for. Entry-level financial advisors typically earn less than those with more experience, and independent advisors can … Read more
Getting started in real estate investing can seem overwhelming, but it all boils down to a few key steps. Firstly, determine your investment goals and research different strategies to align with them. Educate yourself about different markets and property types to find those that suit your preferences and financial capabilities. Once you have a solid … Read more
Social Security Funding Many people assume that payroll taxes solely fund Social Security benefits. However, this is not the case. Social Security is financed through a combination of payroll taxes, interest earned on its trust fund investments, and general revenue from the federal budget. Payroll Taxes Payroll taxes are the primary source of funding for … Read more
Cash basis taxpayers generally deduct expenses when they pay them, and recognize income when they receive it. Prepaid rent does not fit this rule. Prepaid rent is rent paid in advance, for future use of a property. Instead of deducting prepaid rent when it is paid, cash basis taxpayers must wait and spread the deduction … Read more
Latifundia refers to vast agricultural estates that are characteristic of certain regions around the world. These estates are typically characterized by their immense size and the fact that they are owned by a single individual or a small group. Latifundia often encompass thousands of acres of land and are used for agricultural purposes such as … Read more
Finding your Modified Adjusted Gross Income (MAGI) on TurboTax involves a straightforward process. Start by locating the “Federal” tab in the top menu bar. Under the “Income & Expenses” section, expand the “All Income” category. Scroll down until you see an entry labeled “Gross income.” Directly below it, you will find an entry for “Modified … Read more
General obligation (GO) bonds are a type of municipal bond that is backed by the full faith and credit of the issuing government. This means that the government pledges to use its taxing power to repay the bonds. As a result, GO bonds are considered to be a very safe investment. However, this safety comes … Read more
Determining the world’s richest person is not always straightforward. Wealth estimates rely on calculations by organizations like Forbes and Bloomberg, which consider publicly available information, including stock holdings and other assets. These organizations assign a net worth to individuals based on their estimated value, taking into account factors such as company ownership, investments, and real … Read more
If you receive a redundancy payment, understanding your tax obligations is crucial. Redundancy payments often fall into one of two tax categories: either they’re fully taxable as employment income or tax-free up to a certain amount. To avoid paying unnecessary tax, it’s important to know which category applies to you. The tax-free threshold varies depending … Read more