About Tax Clarity
Tax Clarity is a tax planning software from Covisum that visualizes effective marginal tax rates and supports tax-efficient retirement strategies. It provides Covisum Suite, Social Security improvement, Tax Planning, and Retirement Income Planning, so financial advisors can deliver precise, personalized tax strategies to their clients. Additionally, it offers Portfolio Risk Analysis to assess investment options in the context of potential tax implications. This software is designed to help advisors create tax-efficient retirement plans that align with their clients' financial goals. Key capabilities: Covisum Suite Social Security improvement Tax Planning Retirement Income Planning Portfolio Risk Analysis Best for: financial advisors that need to create effective tax strategies for retirement-focused clients.
Covisum Tax Clarity is a specialized software designed to help financial advisors guide clients toward tax-efficient retirement strategies. Its standout feature is the visual tax mapping, which allows advisors to highlight sub-optimal tax situations and calculate a client’s effective marginal tax rate. By identifying critical income thresholds where additional earnings could push clients into higher tax brackets, Tax Clarity provides a clear framework for making informed retirement decisions. The software’s ability to create multiple scenarios and compare withdrawal strategies on-screen enhances client communication and ensures more personalized financial planning. The platform is particularly strong in handling complex tax situations for self-employed clients and pass-through income, offering dedicated features for Social Security, Medicare, and pass-through deductions. Integration with Income InSight allows seamless navigation between multi-year Tax Maps, reducing redundant data entry and enabling deeper analysis. Advisors also benefit from marketing support, including ready-made emails, presentation decks, videos, and CPA referral templates, making client engagement easier and more professional. Printable PDF reports further enhance the client experience by providing tangible summaries of strategies discussed.
Pros & Cons
- +Visual tax mapping illustrates a client’s tax landscape for better retirement decision-making.
- +Effective marginal rate calculation identifies income points that could trigger higher taxes to avoid costly mistakes.
- +Multiple scenario comparison lets advisors evaluate and present alternative withdrawal strategies.
- +Self-employment and pass-through tax features manage complex tax situations for self-employed clients.
- +Marketing and client engagement tools provide ready-made emails, videos, presentation decks, and referral templates.
- −The software is limited to licensed financial advisors and cannot be used directly by clients.
- −New users may need time to learn and navigate all features effectively.
- −Accurate client data is essential, as errors can lead to misleading tax analysis.
- −The focus on retirement taxes may not address other tax planning needs.
- −Scenario comparisons are limited to on-screen evaluation, requiring extra effort to integrate into full financial plans.
Features
Key features
- Marketing materials
- Access professionally created strategy emails, videos, presentation deck with script, and graphics
- Expert support
- Unlimited free access to live expert support and customer success team
- Unique Tax Map
- Identify tax opportunities, determine which account to draw from and when, and find Roth conversion opportunities
- Self-employment tax feature
- Calculate the impact of paying both employee and employer Social Security and Medicare taxes for self-employed clients
- Pass-through tax feature
- Demonstrate the impact of the deduction for pass-through income and its phase-out under the 2017 Tax Cuts and Jobs Act
- Saver’s Credit feature
- Show impact of the Saver’s Credit on a client’s retirement plan post-SECURE Act
- Multiple scenarios
- Compare different withdrawal strategies on-screen and communicate results with clients
- Side-by-side comparison
- Compare alternate tax distribution strategies
- Deep integration
- Navigate from multi-year Tax Maps in Income InSight into Tax Clarity for deeper analysis
- CPA referral letter
- Template to build better relationships with CPAs
- Quick and easy data entry
- Simplified input process for client data
- Printable PDF report
- Generate downloadable client reports
Additional features
- Marketing materials
- Access professionally created strategy emails, videos, presentation deck with script, and graphics
- Expert support
- Unlimited free access to live expert support and customer success team
- Unique Tax Map
- Identify tax opportunities, determine which account to draw from and when, and find Roth conversion opportunities
- Self-employment tax feature
- Calculate the impact of paying both employee and employer Social Security and Medicare taxes for self-employed clients
- Pass-through tax feature
- Demonstrate the impact of the deduction for pass-through income and its phase-out under the 2017 Tax Cuts and Jobs Act
- Saver’s Credit feature
- Show impact of the Saver’s Credit on a client’s retirement plan post-SECURE Act
- Multiple scenarios
- Compare different withdrawal strategies on-screen and communicate results with clients
- Side-by-side comparison
- Compare alternate tax distribution strategies
- Deep integration
- Navigate from multi-year Tax Maps in Income InSight into Tax Clarity for deeper analysis
- CPA referral letter
- Template to build better relationships with CPAs
- Quick and easy data entry
- Simplified input process for client data
- Printable PDF report
- Generate downloadable client reports
- Free trial
- 10-day free trial to test the software with no obligation
- Subscription
- Monthly or annual plans for individual advisors, no contract required
- Practice growth resources
- Access practice management and marketing resources aligned with subscription
Pricing
Countries & Languages
Available in
Interface languages
Billing currencies
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About Tax Clarity
Tax Clarity is a tax planning software from Covisum that visualizes effective marginal tax rates and supports tax-efficient retirement strategies. It provides Covisum Suite, Social Security improvement, Tax Planning, and Retirement Income Planning, so financial advisors can deliver precise, personalized tax strategies to their clients. Additionally, it offers Portfolio Risk Analysis to assess investment options in the context of potential tax implications. This software is designed to help advisors create tax-efficient retirement plans that align with their clients' financial goals. Key capabilities: Covisum Suite Social Security improvement Tax Planning Retirement Income Planning Portfolio Risk Analysis Best for: financial advisors that need to create effective tax strategies for retirement-focused clients.
Tax Clarity Details
Tax Clarity's In-App Market Place
Does Tax Clarity have an in-app market place?
Yes
How many Mini-Apps in the marketplace?
1
Mini Apps
N/A
Pricing Options
Accepted Payment Currencies
USD ($)
Pros & Cons
- Visual tax mapping illustrates a client’s tax landscape for better retirement decision-making.
- Effective marginal rate calculation identifies income points that could trigger higher taxes to avoid costly mistakes.
- Multiple scenario comparison lets advisors evaluate and present alternative withdrawal strategies.
- Self-employment and pass-through tax features manage complex tax situations for self-employed clients.
- Marketing and client engagement tools provide ready-made emails, videos, presentation decks, and referral templates.
- The software is limited to licensed financial advisors and cannot be used directly by clients.
- New users may need time to learn and navigate all features effectively.
- Accurate client data is essential, as errors can lead to misleading tax analysis.
- The focus on retirement taxes may not address other tax planning needs.
- Scenario comparisons are limited to on-screen evaluation, requiring extra effort to integrate into full financial plans.
Tax Clarity's Support Options
Email Address
help@covisum.comTax Clarity's Alternatives
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