When tax season comes around, understanding the tax laws and changes can make a difference when you file your taxes for 2020. For example, the required minimum distribution (RMD) requirement for all retirement plans has been waived for 2020. What other changes could impact your tax filing?

Annuity Alliance is not in the tax business. You should discuss anything regarding taxes with your tax advisor as every person’s situation is different. We all know a lot happened based on the COVID-19 pandemic and taking the time to understand changes to regulations will help you be educated when discussing with your tax advisor.

Here’s a couple of articles you may find useful. These are shared for educational purposes only and Annuity Alliance is not responsible for the links from these third-party websites.

• A dozen tax tips for the 2021 filing season (Accounting Today)
• 8 Tax Tips for 2021 (CPA Practice Advisor)
• IRS Warns Of Delays And Challenging 2021 Tax Season: 10 Tax Tips For Filing Your 2020 Tax Return (Forbes)
• 5 Tax Tips for When You’re Suddenly Faced with Unemployment (TheStreet)
• BBB Offers Tips for 2021 Tax Season (Better Business Bureau/WNCT)
• Tax Advice: Most Overlooked Deductions (TheStreet/TurboTax)
• Tax season tips: Don’t forget this above-the-line deduction (FoxBusiness)

When getting ready to submit your taxes, you should consult with a licensed tax professional.