PRINCETON, NJ, October 16, 2010
/24-7PressRelease/ -- The new healthcare bill has introduced major changes to the current tax law and will have an impact on future investment and tax planning decisions for years to come. There are many tax planning strategies that can be implemented each year to help minimize your tax exposure, some are simple like doing a Roth IRA conversion, while others are more complex like structuring the terms of a business sale. Whether the financial issue is simple or complex, understanding the tax law is essential to making the right decision and the new law's provision could significantly impact any of these decisions. The bill is funded through a variety of fees and taxes, the largest being a new Medicare surcharge tax. These taxes are imposed on individuals making over $200,000 and married couples making over $250,000, and this includes income from investments and even the sale of a personal property that is subject to capital gains. The Medicare surcharge tax will be 1.9% on earned income and 3.8% on investment income over these thresholds beginning in 2013. This could mean that even people of modest means may face the new 3.8% surcharge tax on part of their investment income or even part of the proceeds from the sale of their home if they fail to begin the process of evaluate what their future tax liabilities may be.
There are steps that can be taken to minimize the exposure, but there could also be consequences for doing so. Knowing both is the first step to taking the right decision. What strategies are needed and what works best will depend on the individual's situation. Business owners and retirees face substantially different issues, as do individuals with specific planning objectives like the need to do estate planning, or those looking to do charitable gifting. ExecPlan Express personal financial planning software has just recently updated their software to illustrate the effects of the new taxes in their tax calculations. Unlike most
retirement planning software ExecPlan Express incorporates an actual year by year income tax analysis into their cash flow projections. This allows individuals with different planning objectives or different financial conditions the ability to look at various different planning options to see what steps will result in the best outcome.
"We have been making tax and
personal financial planning software for 30 years and have found that a sound financial strategies whether it be for investment, retirement or even education planning, begins with an accurate tax analysis," says Robert Fourman marketing director for Sawhney Systems the maker of ExecPlan and ExecPlan Express. "Though we have been a leading provider of software for the professional financial services industry, we have seen an increase in interest by consumers who want to manage their own personal finances and have concerns of what congress may or may not due and how that will impact their taxes and ultimately their personal retirement goals."
Like most
personal finance software, ExecPlan Express provides a free fully functional 30 day evaluation copy at their website
www.execplanexpress.com along with detailed tutorials and sample reports. Though the software was developed for professional financial advisors, it has an intuitive design that makes it easy for the consumer who wants to take control of their own personal finances and at $299 it is also relatively inexpensive for those who want to continue using it beyond the 30 day trial period.
Sawhney Systems is a provided of comprehensive financial planning software for the professional financial advisor. For information on our products ExecPlan and ExecPlan Express please contact us at (800)850-8444 or
http://execplanexpress.com.
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Press Release Keywords:- financial planning software, retirement planning software, ira roth conversion software, retirement calculator, personal financial planning software, professional financial planning software, income tax planning software, financial advisor, budgeting software, investment planning software, cpa, cfp
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