Covisum is hosting a free webinar on January 30 at 11 a.m. Central where advisors can learn how to capitalize on opportunities from the change in the tax law. Hear from Joe Elsasser, CFP®, RHU®, REBC® and President of Covisum and Dave Cechanowicz, JD, MSFS, AIF® AEP and Senior Financial Planner with REDW Stanley, in this must-attend webinar.
Covisum's mission is to improve lives through better decisions. Advisors and financial institutions rely on us to help them guide their clients to make the best financial decisions. That's why we create software and reports that visually illustrate the value of a good decision. Advisors can quickly recognize and identify opportunities to save their clients from leaving significant money on the table.
Learn more about how we can support you and your business at one of our upcoming live
Advisors can now answer clients' biggest question in the New Year: "How will the new tax law affect me?"
Advisors and financial institutions rely on us to help them guide their clients to make the best financial decisions. Advisors who are struggling to quantify all the implications of the new 500-page Tax Cuts and Jobs Act can gain insight into unseen opportunity to add dollars to a retirement plan with the newly updated Tax Clarity tool. Advisors can now confidently perform tax
The Tax Cuts and Jobs Act represents a relatively significant tax cut for most middle-income retirees, but the bill did nothing to change the interactions between different income sources in retirement, which means that retirees will need to pay close attention to which accounts they withdraw from at which points in time.
By Keith McCullough, Director of Support Services
Many of us have heard someone say that Social Security is not going to be around much longer. There are claims that the Social Security Administration will run out of money and will not be able to pay out benefits. Along with those claims comes the suggestions that one should file for benefits as soon as possible. You know, “…it’s better to get a little something back considering you’ve paid into the system for all your working life.”
Contributed by Joe Elsasser, CFP®, President
For many middle income people approaching retirement, a common question is whether to contribute to a traditional IRA or to a Roth IRA. Often, the rationale for contributing to the Roth or forgoing an IRA contribution altogether is that the client’s tax bracket in retirement is likely to be the same or potentially higher than it is now. Unfortunately, this shortcut often misses the point. The client should be concerned less with the tax bracket
Imagine showing a prospect how to harvest $11,000 IRA income with no tax. Or a client how to harvest $67,500 of capital gain with no tax. Our “Practical Uses for Tax Clarity” video shows how simple it is.
Case Study: The Real Tax System
John and Jane are married and will be filing jointly. They are both over 65 years old. They have $50,000 in combined Social Security assets, $15,000 of net long-term capital gains, and $25,000 in IRA distributions.
Retirement taxes are not for sissies
Opportunities abound for advisers schooled in tax-efficient withdrawals
Covisum's president, Joe Elsasser, was quoted in InvestmentNews. Here's an excerpt:
"Taxes are a critical piece in retirement planning, yet most financial advisers avoid discussing the topic for several reasons," writes Joe Elsasser, founder of Covisum, a training and software company that helps advisers create retirement income plans through smart Social Security claiming
Following the failed attempt to repeal and replace the Affordable Care Act, President Trump signaled that his next big effort would be to reform the tax code. But a few weeks later, he said an overhaul of the tax code would be pushed back so another attempt to repeal Obamacare would be a priority.