{"id":7506,"date":"2010-04-26T12:20:13","date_gmt":"2010-04-26T17:20:13","guid":{"rendered":"http:\/\/www.annuityfyi.com\/blog\/?p=273"},"modified":"2023-02-15T04:46:05","modified_gmt":"2023-02-15T04:46:05","slug":"tax-savings-compare-annuities-and-iras","status":"publish","type":"post","link":"https:\/\/www.annuityfyi.com\/blog\/2010\/04\/tax-savings-compare-annuities-and-iras\/","title":{"rendered":"Tax Savings: Compare Annuities and IRAs"},"content":{"rendered":"<p>In the <em>Globe Gazette&#8217;s<\/em> article &#8220;Ease the sting of tax bite,&#8221; Laura Bird gives advice to help those who were hit hard by Uncle Sam this year.&nbsp; For people who owed a lot of money in taxes this year, the easiest way to change that might be updating your withholding information at work.&nbsp; Having more withheld from each paycheck will decrease the likelihood of you owing the government tax money April 15 of next year.&nbsp; Tax deductible investments are also a great way to decrease your taxable income.&nbsp; Putting money into an <a title=\"annuity\" href=\"https:\/\/www.annuityfyi.com\/\" target=\"_blank\" rel=\"noopener\">annuity<\/a>, IRA, or 401k will lower the amount of taxable income that you claim when filing your taxes.<\/p>\n<p>If you qualify for an IRA or have an employer sponsored 401k plan, contributing to retirement plans like that help come tax time.&nbsp; Not everyone qualifies for those types of plans though.&nbsp; <a title=\"compare annuities\" href=\"https:\/\/www.annuityfyi.com\/compare-best-annuity-rates\/\" target=\"_blank\" rel=\"noopener\">Compare annuities<\/a> to IRA&#8217;s and 401k&#8217;s and you still get some tax relief.&nbsp; Most annuities are tax-deferred, so that you don&#8217;t pay taxes on any of the income you are earning until you actually start taking your earnings out of the annuity.&nbsp; That typically happens during retirement when your income and tax brackets are lower.&nbsp; Tax-free bonds and energy tax credits for appliances and work done on your home are other ways to lessen your tax burden for next year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the Globe Gazette&#8217;s article &#8220;Ease the sting of tax bite,&#8221; Laura Bird gives advice to help those who were hit hard by Uncle Sam this year.&nbsp; For people who owed a lot of money in taxes this year, the easiest way to change that &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Tax Savings: Compare Annuities and IRAs\" class=\"read-more button\" href=\"https:\/\/www.annuityfyi.com\/blog\/2010\/04\/tax-savings-compare-annuities-and-iras\/#more-7506\" aria-label=\"Read more about Tax Savings: Compare Annuities and IRAs\">Read more<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55,439,227],"tags":[54,228],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7506"}],"collection":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/comments?post=7506"}],"version-history":[{"count":1,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7506\/revisions"}],"predecessor-version":[{"id":25767,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7506\/revisions\/25767"}],"wp:attachment":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/media?parent=7506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/categories?post=7506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/tags?post=7506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}