Taxes - US

Entering Taxes into the US Software

In the US Software you will need to add the State and Federal Tax rates for your clients.

To do this, from your dash you will select "Taxes and Other Financial Information".




From here you would enter the Federal and State Tax rates your clients are subject to based on income and residency. 




If you expect this to change in the future you can use the Steps feature to step up or down their expected tax rates. Once you have entered this information click "done" in the top right corner to save.




Once you have returned to the Dashboard, go to the Details > Year View Screen and click on the Taxes tab to view the expected Cumulative Taxes and tax details in the plan. You can use the slider bar circled below to view different years. 




Note -The software is coded to automatically take Social Security and Medicare deduction once you’ve entered the Federal Income Tax rate.  

As a rule, Voyant software is coded to account for legislated rules and only escalates tax-related assumptions once we move beyond the known. For example, if the government were to announce that the annual contribution allowance for 401ks, which is currently $19,500 in the 2020/2021 tax year, is to be frozen at this level until 2024, the software would account for this and would only begin the escalation of the $19,500 contribution allowance from 2024 onward