In our new video blog series, FinPlan Fridays, Covisum® Founder and President, Joe Elsasser, CFP®, will offer his take on the issues financial advisors see every day. Joe is a practicing financial planner with a unique perspective into the challenges for which Covisum provides technology solutions. Join us on the first Friday of every month for FinPlan Fridays, and get helpful tips to grow your financial planning practice.
This week, Joe discusses the "tax torpedo." The tax torpedo occurs when the effective marginal tax rate exceeds the statutory tax rate, and it can make a major impact on how much a client may have to pay in taxes.
As a financial professional, you have an opportunity to show your clients how to plan for tax-efficient withdrawals during every year of retirement. Use Tax Clarity® to help your clients avoid the tax torpedo!