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 simulations for 2017 and 2018, showing their clients reports with dollar comparison estimates based on various tax strategies and scenario planning.

“These tax changes came down very fast and have left many individuals and corporations struggling to understand the implications,” said Joe Elsasser, CFP®, president of Covisum. “Advisors cannot afford to get this wrong. This is a time when clients need their advisors the most. Covisum’s Tax Clarity software gives advisors a way to show their clients real opportunities and potential landmines in the coming months.”

Changes to Tax Clarity include:

  • Updated marketing materials including a seminar presentation and customizable client brochure
  • Updated rates and brackets for married, single and head of household
  • Instituted new standard deduction amounts
  • Eliminated personal exemptions
  • Eliminated personal exemption phase-out and Pease limitation on itemized deductions
  • Implemented new AMT threshold and phase-out amounts
  • De-coupled capital gains brackets from ordinary income brackets
  • Revised Schedule A
  • Medical expense deductibility over 7.5% of AGI for 2017 and 2018
  • Property tax deduction capped at $10,000
  • Casualty loss eliminated
  • Eliminated additional itemized deductions subject to 2% floor
  • Brackets begin inflating in 2019 for future tax years
  • Updates to the PDF report that advisors provide to their clients to reflect the Tax Cuts and Jobs Act of 2017
  • Updated Medicare additional premium thresholds (significantly lowered for 2018)

Covisum creates software that helps identify substantial gaps in understanding that cause consumers to leave significant money on the table. Use Tax Clarity to help clients visualize the new tax landscape and make better decisions about which income streams to use at which points in retirement. 

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