Lacerte 2012 has built in tools that will tell you how some of the major federal tax law changes effective 1.1.13 would have impacted our clients based on their 2012 tax returns. By adding a few extra columns in your display panel in the 2012 Lacerte Individual module, you can easily see the tax cost to the client of the various new 2013 taxes/rates. If a client’s income is similar from year to year, this additional information provides insight as to who might need additional year-end planning this year. The information may even provide opportunities to reach out to clients we don’t often do year-end planning for. To select and add the extra columns to your display screen:
- Open 2012 Lacerte Individual module
- Right click anywhere on the list.
- Choose Adjust Display Columns
- In the pane on the left side of the pop up window, choose Tax Law Impact. You can pick any of the items to move into the display pane on the right side of the window so those things show up in new columns on your client display screen.
- The Tax Law Impact options to choose from consist of the 2013 federal changes related to:
- Tax increase to 39.6%
- Medicare tax on net investment income
- Capital Gain tax increase to 20%
- Medicare surcharge on SE income
- Medicare surcharge on wages