Following the changes brought on by the 2017 Tax Cuts and Jobs Act, Tax Clarity® has been in very high demand. The recently updated software allows your clients to visualize the new tax landscape and make better decisions about which income streams to use at which points in retirement. Hundreds of the nation's top advisors have added Tax Clarity to their toolbox. Regular price is $79.99 per month or $800 per year, but for this week only, you can buy now at legacy pricing.
At the beginning of April, Covisum rolled out four new features to the Tax Clarity® software. The new pass-through deduction feature is particularly important for advisors with certain clients who own small businesses. The update allows advisors to demonstrate the impact of the deduction for pass-through income and the phase-out of the deduction under the 2017 Tax Cuts and Jobs Act.
On February 9, Joe Elsasser, CFP® and President of Covisum appeared on "Consider This" on NET to discuss the impact of the Tax Cuts and Jobs Act. Watch the full interview here:
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
The U.S. tax landscape is changing. Last week, the Tax Cuts and Jobs Act was passed into law. It is clear that there is a need for members of the general public to understand the changes and how those changes impact their personal situations. Financial advisors are faced with a choice – either take proactive steps to first become educated on the new laws, and then identify specific opportunities for their clients, or risk losing clients to other proactive advisors who choose the first path.
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.
Now is the time to build relationships with CPAs
At this point, it seems safe to expect some form of tax reform will pass in the next several months. The House has already passed H.R. 1, the “Tax Cuts and Jobs Act,” which includes a variety of changes to the personal income tax system and significant changes to corporate taxation. The Senate has released its proposal, which doesn’t reduce the number of brackets, but does smooth the progression with level steps between each new proposed
By Joe Elsasser, CFP®, president of Covisum
For all the talk about how the Trump tax plan, the House plan and the Senate plan change the current tax system, there has been little talk about just how similar they are to the current structure. For mass-affluent retirees and the advisors who serve them, the future is highly similar to the past — rich with opportunities to help clients
The tax plans don’t change the fundamental concepts in the current tax system. Here, we break it down by those
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