--- title: | Tax description: Tax | --- [Login](https://www.covisum.com/login-experience) | [Call: 402-235-4500](tel:1-402-235-4500) | [Contact Us](https://www.covisum.com/contact) ** [![covisum-logo](https://www.covisum.com/hs-fs/hubfs/covisum-logo.png?width=264&height=41&name=covisum-logo.png "covisum-logo")](https://www.covisum.com/) [![Start Your Free Trial](https://no-cache.hubspot.com/cta/default/2755909/b23743cd-d0df-4907-a66d-293b58ab1164.png)](https://cta-redirect.hubspot.com/cta/redirect/2755909/b23743cd-d0df-4907-a66d-293b58ab1164) [![Contact Us](https://no-cache.hubspot.com/cta/default/2755909/6c6d7fe7-e094-4fc0-9c82-d93d4ccbb532.png)](https://cta-redirect.hubspot.com/cta/redirect/2755909/6c6d7fe7-e094-4fc0-9c82-d93d4ccbb532) # Press Browse by topic All Topics In The News Social Security Tax Fintech benefit cuts COLA Marketing retirement widow benefit Risk 401(k) Biden CARESAct IRS Income Planning Roth Trustees report investing Subscribe to our news ![CNBC: Wages up to $147,000 are currently taxed for Social Security. How that could change](https://www.covisum.com/hubfs/The%20Capitol%20and%20Reflecting%20Pool%20in%20Washington%2c%20DC..jpeg) #### In The News ### [CNBC: Wages up to $147,000 are currently taxed for Social Security. How that could change](https://www.covisum.com/press/cnbc-proposed-tax-changes-to-shore-up-social-security) on April 30, 2022 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) To shore up the Social Security program lawmakers will need to make some changes — raise taxes, cut benefits or do a combination of both. One suggestions is to increase taxes for higher wage earners. This CNBC article take a closer look at the proposed tax changes. [Read More **](https://www.covisum.com/press/cnbc-proposed-tax-changes-to-shore-up-social-security) ![The Street: When Do Social Security Benefits Become Taxable?](https://www.covisum.com/hubfs/Side%20view%20portrait%20of%20businesswoman%20using%20computer%20at%20office%20desk.jpeg) #### Social Security ### [The Street: When Do Social Security Benefits Become Taxable?](https://www.covisum.com/press/the-street-when-do-social-security-benefits-become-taxable) on April 29, 2022 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) If you combine Social Security benefits with other retirement income, your total income can push you over the pre-determined threshold, and your benefits can be subject to federal income tax. In fact about 56% of beneficiaries will owe federal income taxes on their benefits according to the Social Security Administration. In this article for The Street, Covisum® Founder and President, Joe Elsasser, CFP® outlines how Social Security benefits can become taxable and how you can determine how much you'll owe. [Read More **](https://www.covisum.com/press/the-street-when-do-social-security-benefits-become-taxable) ![Retirement Daily: Tax Rates and Retirement, What You Need to Know](https://www.covisum.com/hubfs/Asian%20old%20couple%20using%20laptop.jpeg) #### Tax ### [Retirement Daily: Tax Rates and Retirement, What You Need to Know](https://www.covisum.com/press/retirement-daily-tax-rates-and-retirement-what-you-need-to-know) on March 2, 2022 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) No retirement decision should be made without first considering the tax impact that decision could have on the overall retirement strategy. In this Retirement Daily article, Tax Rates and Retirement: What You Need to Know, Covisum® Founder and President, Joe Elsasser, CFP® outlines the different tax rates that determine how much you'll pay in taxes throughout retirement. [Read More **](https://www.covisum.com/press/retirement-daily-tax-rates-and-retirement-what-you-need-to-know) ![ThinkAdvisor: To Build a Thriving Niche Practice, Learn When to Say No](https://www.covisum.com/hubfs/Too%20much%20work%20tired%20sleepy%20young%20woman%20sitting%20at%20her%20desk%20with%20books%20in%20front%20of%20laptop%20computer%20isolated%20grey%20wall%20office%20background.%20Busy%20schedule%20in%20college,%20workplace,%20sleep%20deprivation%20concept.jpeg) #### In The News ### [ThinkAdvisor: To Build a Thriving Niche Practice, Learn When to Say No](https://www.covisum.com/press/thinkadvisor-to-build-a-thriving-niche-practice-learn-when-to-say-no) on July 7, 2021 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) This week in his column for ThinkAdvisor, Joe Elsasser, CFP®, talks about how the biggest pitfall for niche financial planning firms is expanding to a parallel niche without the processes and systems in place to be able to provide the same level of service you do now. [Read More **](https://www.covisum.com/press/thinkadvisor-to-build-a-thriving-niche-practice-learn-when-to-say-no) ![Retirement Daily: Four Questions to Ask Your Adviser About Retirement Income Planning](https://www.covisum.com/hubfs/Financial%20adviser%20showing%20terms%20of%20contract%20on%20tablet.jpeg) #### In The News ### [Retirement Daily: Four Questions to Ask Your Adviser About Retirement Income Planning](https://www.covisum.com/press/retirement-daily-questions-to-ask-your-adviser-about-retirement-income-planning) on June 17, 2021 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) When it comes to saving for retirement, many Americans have multiple options. When you consider 401(k)s, 403(b)s, IRAs, fixed annuities, certificates of deposit plus income from Social Security and pensions, determining which income stream to use and when can get complicated. An adviser who specializes in retirement income planning should be able to help you navigate these decisions. In this Retirement Daily article, Four Questions to Ask Your Adviser About Retirement Income Planning, Covisum® Founder and President, Joe Elsasser, CFP®, outlines which questions retirees should come prepared to ask in their next meeting with their financial planner. [Read More **](https://www.covisum.com/press/retirement-daily-questions-to-ask-your-adviser-about-retirement-income-planning) ![Perspectives Magazine: Trusting the Planning Process](https://www.covisum.com/hubfs/double%20exposure%20of%20businessman%20hand%20working%20with%20blank%20net%20work%20diagram%20as%20digital%20cloud%20concept.jpeg) #### In The News ### [Perspectives Magazine: Trusting the Planning Process](https://www.covisum.com/press/perspectives-magazine-trusting-the-planning-process) on May 6, 2021 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) For financial advisors, the first half of the year has included some unique challenges. Cryptocurrencies, Reddit suggestions, and other high-flyers have been tempting to some investors. They are all too eager to abandon their initial plan and move toward the exciting new opportunities. However, a look at the past year shows the planning process works, and shouldn't be abandoned. [Read More **](https://www.covisum.com/press/perspectives-magazine-trusting-the-planning-process) ![ThinkAdvisor: 4 Biden Tax Proposals That Could Shake Clients' Retirement, Estate Plans](https://www.covisum.com/hubfs/The%20White%20House%20on%20a%20beautiful%20summer%20day,%20Washington,%20DC..jpeg) #### In The News ### [ThinkAdvisor: 4 Biden Tax Proposals That Could Shake Clients' Retirement, Estate Plans](https://www.covisum.com/press/thinkadvisor-4-biden-tax-proposals-that-could-shake-clients-retirement-estate-plans) on April 8, 2021 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) This week in his column for ThinkAdvisor, Joe Elsasser, CFP®, talks about how some elements of President Biden's tax plan could significantly impact retirees. In the article he outlines four specific proposals that advisors should prepare for and how to plan accordingly. [Read More **](https://www.covisum.com/press/thinkadvisor-4-biden-tax-proposals-that-could-shake-clients-retirement-estate-plans) ![Retirement Daily: Roth Conversions Could Become Even More Beneficial for Retirees](https://www.covisum.com/hubfs/darren-halstead-sT50jo9LCH0-unsplash.jpg) #### In The News ### [Retirement Daily: Roth Conversions Could Become Even More Beneficial for Retirees](https://www.covisum.com/press/retirement-daily-roth-conversions-could-become-even-more-beneficial-for-retirees) on March 30, 2021 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) Over the past few months, the Biden-Harris administration has already made some significant changes and more could be on the horizon. Some of these plans could have a big impact on retirees, but there are both challenges and opportunities if you know where to look. Converting funds from a traditional retirement account into a Roth IRA could become even more beneficial considering new required minimum distributions (RMD) guidelines and potential tax law changes. In this Retirement Daily article, Roth Conversions Could Become Even More Beneficial for Retirees, Covisum® Founder and President, Joe Elsasser, CFP®, examines a few potential changes and planning opportunities. [Read More **](https://www.covisum.com/press/retirement-daily-roth-conversions-could-become-even-more-beneficial-for-retirees) ![ThinkAdvisor: Taxes in Retirement, Five Things Your Clients Need to Know](https://www.covisum.com/hubfs/Taxes%20Concept%20on%20File%20Label%20in%20Multicolor%20Card%20Index.%20Closeup%20View.%20Selective%20Focus..jpeg) #### In The News ### [ThinkAdvisor: Taxes in Retirement, Five Things Your Clients Need to Know](https://www.covisum.com/press/thinkadvisor-taxes-in-retirement-five-things-your-clients-need-to-know) on March 15, 2021 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) This week in his column for ThinkAdvisor, Joe Elsasser, CFP®, talks about why taxes can have significant impact on a client's retirement strategy and how advisors can add enormous value if they know where to look. In the article he outlines five considerations that might influence which accounts retirees should withdraw from at which points in retirement. [Read More **](https://www.covisum.com/press/thinkadvisor-taxes-in-retirement-five-things-your-clients-need-to-know) ![InvestmentNews: Wealthier Clients Saving in 401(k)s May Fall Into Tax Trap](https://www.covisum.com/hubfs/Red%20Ring%20Binder%20with%20Inscription%20Tax%20Law%20on%20Background%20of%20Working%20Table%20with%20Office%20Supplies,%20Laptop,%20Reports.%20Toned%20Illustration.%20Business%20Concept%20on%20Blurred%20Background.%203d%20Render-1.jpeg) #### In The News ### [InvestmentNews: Wealthier Clients Saving in 401(k)s May Fall Into Tax Trap](https://www.covisum.com/press/investmentnews-wealthier-clients-saving-in-401ks-may-fall-into-tax-trap) on March 3, 2021 | By [Lauren Laferla, Director of Communications](https://www.covisum.com/press/author/lauren-laferla-pr-content-marketing-manager) While the pandemic has caused widespread worry about retirement, many people managed to continue to contribute to their defined-contribution plans such as 401(k)s throughout 2020. However, contributing too much to a tax-deferred retirement account could potentially become a problem later on if taxes are increased in the future. And a tax increase seems fairly likely as President Biden's tax plan outlines several changes. This recent InvestmentNews article takes a closer look at how advisors can prepare their wealthier clients for these potential changes. Covisum Founder and President Joe Elsasser, CFP® was quoted in the article. [Read More **](https://www.covisum.com/press/investmentnews-wealthier-clients-saving-in-401ks-may-fall-into-tax-trap) current_page_num+2: 3 - disabled ## Covisum’s ecosystem of solutions can help you grow. [Learn More](https://www.covisum.com/software) ## Stay Connected Access industry news, expert insights, best practices, free downloads and more. 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