How investments are taxed
Note: This article refers to common financial products, including interest-generating investments. They are mentioned here for educational purposes only. As a matter of policy, Azzad avoids these types of financial instruments for its clients. To learn more about reasons to avoid interest income in your portfolios, click here. It’s nice to own stocks, bonds, and […]
401(k) and IRA: A Combined Savings Strategy
Contributing to an employer-sponsored retirement plan or an IRA is a big step on the road to retirement, but contributing to both can significantly boost your retirement assets. A recent study found that, on average, individuals who owned both a 401(k) and an IRA at some point during the six-year period of the study had […]
Weekly Market Recap – February 28, 2022
The Markets (as of market close February 25, 2022) Stocks closed mostly higher last week, despite a tumultuous week with the Russian invasion of Ukraine. Of the major benchmark indexes, only the Dow and the Global Dow closed the week in the red. The Russell 2000, the Nasdaq, and the S&P 500 each posted solid […]
There’s Still Time to Contribute to an IRA for 2021
Even though tax filing season is well underway, there’s still time to make a regular IRA contribution for 2021. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2021 ($7,000 if you were age 50 or older on or before December 31, 2021). For most taxpayers, the contribution […]
Weekly Market Recap – February 14, 2022
The Markets (as of market close February 11, 2022) The major benchmark indexes closed last week lower. Rising tensions over the Russia-Ukraine situation coupled with rising inflation made investors a bit skittish towards stocks. A higher-than-expected jump in the Consumer Price Index added to jitters over an accelerated tightening of the Federal Reserve’s monetary policy. […]
Weekly Market Recap – February 7, 2022
The Markets (as of market close February 4, 2022) Last week was notable for a stronger-than-expected jobs report and mixed fourth-quarter earnings data. Stock values rose and fell throughout the week, ultimately closing higher. Crude oil prices rose for the seventh consecutive week, as prices near an eight-year high. A cold snap in the United […]
Weekly Market Recap – January 31, 2022
The Markets (as of market close January 28, 2022) A very turbulent week, marked by volatility, ended with a robust finish. Last Friday’s gains were enough to push several major benchmark indexes higher by the end of the week. The Dow advanced 1.3% and the S&P 500 gained 0.8%. A late-week tech rally was enough […]
Weekly Market Recap – January 24, 2022
The Markets (as of market close January 21, 2022) Volatility has engulfed the markets this month and is showing no signs of letting up, impacted by a more hawkish Federal Reserve stance, economic disruptions from Omicron, and risks to company profits due to rising costs. Fourth-quarter 2021 corporate earnings season has begun with uneven results […]
Is Naming Retirement Plan Beneficiaries Halal?
We are often asked if Muslim retirement savers can choose beneficiaries outside of Islamic inheritance rules. After all, naming beneficiaries on IRAs and 401(k)s a basic part of keeping accounts in order. Generally, an owner of an employer retirement plan or pension account preselects the beneficiaries of his or her retirement account, which means that […]
Plan Ahead to Help Ease the Burden of Tax Season
Most U.S. taxpayers “completely agree” (68%) or “mostly agree” (26%) that paying their fair share of taxes is a civic duty.1 However, no one wants to pay more than his or her fair share. To help avoid doing so, consider addressing some important priorities before you begin filling out your tax forms. Here are some steps […]
