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    Tax

    How the Market Downturn Could Impact Your Retirement Tax Strategies

    Now that we're facing a market downturn, it's more important than ever to make sure your clients are on the right track to make the most of their retirement income and avoid paying more taxes than they need to. Your retired clients are relying on you to help them make their funds last through these uncertain times. Here are a few specific considerations for preparing retirement income strategies for clients this year.
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    Tax

    Challenging Retirement Tax Planning Situations Advisors May Encounter in a Down Market

      Client accounts are likely down right now, creating a unique set of opportunities for financial advisors. The challenge with market downturns is not knowing when they will end. Sometimes there will be multiple points that'll seem like the bottom. Given the market volatility, there are a few tax situations to watch out for. 
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    Tax

    Roth Conversions Without Non-qualified Money to Pay the Taxes

    Roth conversions are a great way to ensure clients aren't hit with a hefty tax bill in retirement; however, sometimes, clients don't have any non-qualified or non-IRA money to pay the immediate taxes on the conversion. So, are Roth conversions still a smart tax strategy for those situations? Absolutely!  
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    Tax

    FinPlan Friday: Building Strong Relationships with CPAs

    Collaboration is the Secret to Smart Retirement Tax Planning Learn more about how to build strong, mutually beneficial relationships with your clients' CPAs in this month's FinPlan Friday conversation with Joe.
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    Tax

    Covisum's Top Retirement Tax Planning Tips

    Proper retirement tax planning is essential for clients to understand as they prepare to retire. Living on a fixed income can be difficult for many retirees, and avoiding unnecessary taxes can help stretch out their retirement income strategies. Retirees face significant tax obligations. They’re required to pay income tax on any pensions and withdrawals from all tax-deferred investments made during the same year. Tax-deferred investments include traditional IRAs, 401(k)s, and similar accounts, as well as tax-deferred annuities when withdrawals are made. These taxes can significantly impact a retiree’s nest egg, giving them less money to live on. Luckily, there are many strategies to help lower taxes paid on retirement income.
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    Tax

    FinPlan Friday: The Biden Tax Plan

    Potential Tax Changes President Biden's tax plan includes some pretty significant changes that could impact how advisors build efficient retirement income plans. Learn more about President Biden's tax plan in our FinPlan Friday conversation with Joe.
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