Hello everyone – well we all know what tomorrow is!! Right? (Hint-hint, in case you forgot!) But instead of writing about how fortunate we are to be loved, I digress, and would like to point out that Monday is President’s Day! In honor of President’s Day, I thought it would be important to mention that President Obama’s new 2016 Budget Proposal is trying to find ways to balance the budget through taxes that might and will affect all of us in some way, if approved. They will a
It's Tax Time!!!
I guess I jinxed us by saying “hooray for sun” last week – less than 48 hours later: 18” of snow!! IT’S TAX TIME!! HOW ARE ANNUITIES TAXED? Almost all annuities are tax-deferred, meaning they are taxed at time of withdrawal, in a variety of ways. Fortunately, they grow at a compound rate -- which means higher growth -- but eventually Uncle Sam wants his turn. Simply, if your annuity is an IRA, then 100% of the amount withdrawn is taxable as ordinary income, at your specific t