Marcum LLP Launches Online Tax Calculator to Help Clients Avoid Tax Surprises
New York City, NY – Marcum LLP, a top national accounting and advisory firm, has launched a simple online tax calculator to give the Firm’s high net worth clients a preliminary illustration of the tax increases they are likely to face due to the higher federal tax rates implemented in 2013. The calculator alerts clients to the likelihood of increased taxes this year and reminds them about the importance of proactive tax planning in order to avoid tax surprises.
“Most people are aware of the increase in tax rates, but have not focused on how the new rates will impact them in real dollars,” said Joseph J. Perry, Marcum Partner-in-Charge of Tax & Business Services. “Since many taxpayers utilize the ‘Safe Harbor’ provision when they make their 2013 estimated tax payments, any additional tax due is effectively deferred until next April 15, when the 2013 tax liability must be satisfied. As a result, many are likely to be very surprised when they receive their 2013 projections, extensions, or actual returns and find out how much they owe. The calculator is a tool they can use to get an indication of their potential exposure under the new tax rates.”
Marcum’s tax calculator provides a starting point by enabling high net worth clients to estimate what their taxes would be in 2013 if their income and deductions were the same as were reported for 2012. The illustration helps clients determine what effect the additional taxes may have on their 2013 cash flow.
“If these tax increases are not properly planned for, and cash flow is insufficient to meet the tax obligation, clients may have to reduce their discretionary spending or draw down invested assets,” Mr. Perry said. “Planning before year-end is imperative in order to maximize tax efficiency under the new 2013 rates. Timely planning can help minimize tax exposure, gain the greatest benefit, and avoid that Surprise, Surprise moment.”
About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.