Lifetime Tax Planning Software
Automatically project your lifetime federal, state, and local income taxes, capital gains taxes, property taxes, and other taxes
VeriPlan’s tax calculator software automatically projects your real dollar tax obligations using current tax rates and tax limits that would apply in your particular situation. For example, regarding your income taxes and income tax rates, the VeriPlan tax planning software uses current marginal federal income tax rates after taking into account your projected tax deductions, exemptions, and adjustments.
Regarding state taxes and local income tax rates, VeriPlan’s tax calculator tools assesse these taxes according to the marginal or flat tax rate method that applies in your tax jurisdiction. The VeriPlan pre- and post-retirement tax calculator automatically assesses Social Security taxes, Medicare taxes, self-employment taxes, real estate and property taxes, short-term capital gains taxes, and long-term capital gains taxes. In addition, VeriPlan fully integrated IRA retirement calculator and 401k retirement calculator facilities automatically apply lifetime taxes related to your traditional IRA, 401k, 403b, 457, Simple, Keogh and other retirement accounts and to your Roth IRA and to your designated Roth 401k, Roth 403b, and Roth 457 account contributions.
The VeriPlan tax calculator software automatically applies variable U.S. federal income tax rates and limits. Current federal tax rates are included, and all tax rates and limits in VeriPlan are user changeable. VeriPlan provides and applies variable or flat income tax rates and limits for the 50 U.S. states and Washington, D.C. Furthermore, this tax planning software automatically projects any local variable or flat ordinary income tax rates according to the rates and limits that you supply. VeriPlan supports both the ‘Single’ and “Married, Filing Jointly’ tax filing statuses for your federal, state, and local income tax projections.
The VeriPlan tax calculator software projects your full lifetime taxes in annual increments in these eight separate tax categories:
- Federal income taxes on earned income, interest income, retirement income, and other income
- State income tax and local income taxes on earned income, interest income, retirement income, and other income
- Social Security and Medicare taxes on earnings, plus income taxes on Social Security payments in retirement
- Property and real estate taxes
- Federal income taxes on mandatory tax-deferred account withdrawals and on withdrawals to pay living expenses
- State income taxes and local income taxes on mandatory and needed tax-deferred account withdrawals
- Federal long-term capital gains taxes
- State income taxes and local ordinary income taxes on long-term capital gains
This is a sample of the VeriPlan lifetime tax planning calculator graphic that shows projected taxes in eight categories. This tax planning software graphic, like all other VeriPlan graphics, is automatically developed for each planning scenario that you develop in VeriPlan. (Note that this particular projection models a scenario wherein one of the earners in the family would be unemployed for six months at age 34 and for a full year at age 51. This projected loss of earned income significantly changes their projected tax obligations, and this accounts for the dramatic fluctuations in projected tax payments that you see in this tax planning software projection graphic.)
VeriPlan’s income tax planning and tax calculator tools automatically project your full lifetime federal income tax deductions. In each projection year, it automatically applies the more favorable of either the standard deduction or your itemized deductions. The VeriPlan income tax calculator software projects your income tax exemptions for up to 10 dependents, and it manages income limited phase-outs of these tax exemptions. It also projects up to 6 different adjustments to your taxable federal income, and it manages associated differential income adjustment growth rates and phase-outs automatically.
To prevent product obsolescence in the future, as you continue to use VeriPlan, you can change any tax rates and tax limits, in case tax laws, rates, and limits change in the future. There is no need to buy an updated version of the VeriPlan home financial planning and retirement tax planning spreadsheet software, because you can update it yourself.
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