Covisum Rolls Out Big Changes to Tax Clarity® Software

Share Article

Updates will guide advisors through the 2017 Tax and Jobs Act

We created Tax Clarity because clients often don’t understand the complex interactions between different income streams in retirement, leading to potentially significant tax inefficiencies in their retirement strategy.

Today, Covisum launched major changes to its Tax Clarity® software. The upgrade supports financial advisors as they navigate the 2017 Tax and Jobs Act. With these software changes, 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.

“We created Tax Clarity because clients often don’t understand the complex interactions between different income streams in retirement, leading to potentially significant tax inefficiencies in their retirement strategy. We added these features to enhance the update we rolled out weeks after the Tax Cuts and Jobs Act was passed into law. Specifically, the pass-through deduction will likely get a lot of use under the new rules,” said Joe Elsasser, CFP®, president of Covisum.

The updates to Tax Clarity® will allow financial advisors to calculate:
1.    Self-Employment Tax — Advisors can demonstrate the impact of paying both the employee and the employer's share of Social Security and Medicare taxes for self-employed clients.
2.    Pass-Through Deduction — Advisors can 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.
3.    Dependent Tax Credit — Advisors can demonstrate the impact of the revised Child Tax credit, including dependents over age 16.
4.    Saver's Credit — Advisors can 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

Tax Clarity® available to financial services profesionals for $79.99/month or $800 for an annual subscription. Current subscribers will receive the upgrade as part of their subscription. Covisum products power many industry-leading applications for financial institutions. Enterprises interested in a demonstration of any of Covisum’s suite of tools – SmartRisk™, Social Security Timing® and Tax Clarity® – can email sales(at)covisum(dot)com.

ABOUT COVISUM
Covisum provides financial advisors with software, training and support to deliver retirement income plans that improve the lives of clients by facilitating better decisions. As the name represents — “co” means joint or shared, and “visum” means vision — Covisum helps advisors and their clients create a shared vision of the future. For more information, visit http://www.covisum.com.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Lauren Laferla
@covisum
since: 11/2016
Follow >
Visit website

Media