Announcing: The New and Improved Tax Clarity

Lauren Laferla, PR & Content Marketing Manager
November 5, 2019
    

New Tax Clarity

Current Subscribers Now Have Access to The New Tax Clarity

Save and compare as many alternates as you want and experience our new, cleaner interface with easier data entry and a better user experience. Current Tax Clarity subscribers can view the new features and enter client data in the updated Tax Clarity by visiting portal.covisum.com. Log in using your original credentials. 

Plus, Tax Clarity® is now deeply integrated with our retirement planning platform, Income InSight®, so you can seamlessly navigate from multi-year Tax Maps in Income InSight into Tax Clarity for deeper Tax Map analysis of any given year. 

Please note, current client information is not yet available in the new Tax Clarity. We expect to run both versions of the software in parallel throughout the remainder of the year while we create a migration path to move clients from the old version to the new.

Help Clients Make Tax-Efficient Retirement Decisions 

Quickly identify sub-optimal situations, and show clients how to make retirement decisions in the most tax-efficient way with Tax Clarity. 

Calculate your client's effective marginal tax rate and identify dangerous points where just one additional dollar of income can push clients into much higher effective marginal tax rates. Clients often don’t understand the relationship between ordinary and capital incomes, leading to potentially significant tax inefficiency in their retirement strategy.

To talk taxes with clients, you don’t have to know all of the complicated interactions between different tax provisions and different types of income.

New: Create Multiple Scenerios

Use Tax Clarity during every annual client review meeting to look at the tax landscape for any given year without creating a new case. 

Tax Cuts and Jobs Act

Tax Clarity supports financial advisors as they navigate the Tax Cuts and Jobs Act. Advisors can help their clients visualize the new tax landscape and make better decisions about which income streams to use at particular points in retirement. Use Tax Clarity to calculate:

  • Self-Employment Tax —Demonstrate the impact of paying both the employee and the employer's share of Social Security and Medicare taxes for self-employed clients.
  • Pass-Through Deduction — Show the impact of the deduction for pass-through income and the phase-out of the deduction for specified service businesses under the Tax Cuts and Jobs Act.
  • Dependent Tax Credit — Demonstrate the impact of the revised Child Tax credit, including dependents over age 16.
  • Saver's Credit — Demonstrate the impact of the Saver's Credit, which is particularly relevant for semi-retired individuals who have choices on which accounts to draw from in order to supplement part-time work.

How much does it cost?

Covisum is providing all of these new features and upgrades at the same affordable price. Current subscribers will not see an increase and new subscriptions are still only $79.99 per month. In order to experience the Income InSight integration, you must have a subscription to both tools

Get a free trial now

Already a subscriber? Login to the new version here. 

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Posted by Lauren Laferla, PR & Content Marketing Manager
Lauren is a content marketing enthusiast with a love for storytelling - on camera, in writing, and through others. She has a robust communications background that includes: public relations, content creation, internal communications, digital marketing, and copy editing. Driven and motivated, Lauren holds a bachelor's degree in English and is an avid reader.