More insight into taxes (all of them)

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The American Institute of CPAs has created a useful online calculator that financial advisors can use to help clients gain insight into the many taxes they pay at all levels. Called Total Tax Insights, it is located here: www.totaltaxinsights.org/Calculator

In a few minutes, it generates a detailed estimate of the total liabilities taxpayers face at all levels of government – federal, state and local – for the specific county in which each taxpayer lives. The bottom line is the taxpayer’s estimated annual tax liability, in dollars and as a percentage of income. To use it, you will only need the client’s federal adjusted gross income from the most recent tax return. All other inputs are intuitive or they can be estimated.