Money Tree's Financial Planning Software Blog


TOTAL Online 2018 State Tax Update - Opt In by Friday, April 20th


by Carolyn Rothwell

TOTAL, Money Tree's in-depth financial planning software, includes both federal and state income tax rates for detailed tax calculations.  TOTAL Online includes a feature allowing Money Tree to populate the tax information for all states in the program's settings.  State tax information for 2018 ready to send to participating TOTAL Online customers.  Please see a related blog post, State Income Tax Data for 2018, for details about the 2018 state tax changes. 


Traditional CPI (CPI-U) vs. Chained CPI (C-CPI-U) & TOTAL's Tax Projections


by Carolyn Rothwell

The new tax law uses the Chained Consumer Price Index for All Urban Consumers (C-CPI-U), instead of the Consumer Price Index for All Urban Consumers (CPI-U) to adjust for inflation. The change to tie inflation to the Chained Consumer Price Index is one of the few provisions applying to individual taxation that is permanent.  The Chained CPI provides a lower inflation measurement by adjusting for "substitution bias" which accounts for consumers choosing a substitute good available for a lower price.


Demonstrating the Impact of the Tax Cuts and Jobs Act on Clients' Financial Plans


by Carolyn Rothwell

Demonstrate the long-term impact of the Tax Cuts and Jobs Act on clients' financial plans in TOTAL by comparing sunset vs. no sunset options, and both the short-term effect by comparing financial plans using the current tax law vs. prior tax law.

TOTAL's cash-flow-based approach, Golden Years, completes a detailed tax calculation each year, proving an ideal planning platform for evaluating the effects of the tax law changes.  


TOTAL's 2018 Tax Update - Available Now


by Carolyn Rothwell

TOTAL's 2018 tax update featuring the tax changes for the Tax Cuts and Jobs Act (TCJA), including a sunset configuration option, is available now.


State Income Tax Data Updated for 2018 - Now Available in TOTAL


by Carolyn Rothwell

State tax income tax information for 2018 is available now. If you plan with TOTAL, Money Tree's in-depth financial planning software, it's standard practice to ensure the state tax rates are entered for all of the states your clients reside in and the rates are up-to-date each year.  The Tax Foundation is an excellent state tax resource providing updated rates each year, which is used to populate the state tax rates in TOTAL. A new option will be available in TOTAL's desktop edition to download the state tax data, which means this time-saving feature will be available for both the desktop and online edition. 


Silver - 2018 Tax Update Available Now


by Carolyn Rothwell

The 2018 tax update for Silver is available now. The latest version includes updated estate taxes, retirement plan contribution limits and Social Security estimates for 2018. 


Tax Cuts and Jobs Act & Financial Planning Software Updates


by Carolyn Rothwell

The Tax Cuts and Jobs Act (TCJA) was signed into law December 22nd. Tax law changes take effect January 1, 2018. A majority of the tax law changes applying to individuals are not permanent and are scheduled to sunset after 2025, reverting to the law in effect prior to the TCJA. The major changes to individual tax planning stemming from the new tax legislation are included below. Details of the tax laws can be found by reading the final bill and the Joint Explanatory Statement of the Committee of Conference.

The new legislation requires significant changes to the tax calculations in Money Tree's financial planning software, impacting the timeline for the 2018 tax update. The tax changes are the top priority for the software and development is underway.


Tax Changes for the 2018 Tax Year


by Carolyn Rothwell

JANUARY UPDATE:  The Tax Cuts and Job Act was signed into law December 22, 2017.  The new legislation requires significant changes to the tax calculations in the software, which will impact the timeline for the 2018 tax update. The tax changes are the top priority for the software and development is underway.


2018 Retirement Plan Limits Announced by IRS


by Carolyn Rothwell

The IRS announced the retirement plan limits for 2018. The 2% cost-of-living index drove annual inflation adjustments for the 2018 tax year for most items, but it was not enough to bump up the contribution limits for IRAs / Roth IRAs.


Social Security Benefits Increase by 2% for 2018


by Carolyn Rothwell

Social Security Administration announced last week that benefit payouts will increase by 2% for 2018, raising the average benefit by about $27 a month.  This is the biggest bump in five years. 

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