Financial advisers' bread-and-butter clients -- a family with two children, earning $147,000 a year -- could see their tax liability increase by $7,323 if there isn't a resolution to the "fiscal cliff." There are countless scenarios, though, of what could happen, making planning difficult. The Urban Institute and Brookings Institution's jointly run Tax Policy Center has created a fiscal cliff tax calculator that shows how various plans under consideration might affect a taxpayer's liability. Visit aicpa.org/PFP/YearEnd for FREE resources to help you get financial plans in place for your clients now, so you are ready to trigger when there is more certainty. AdvisorOne (11/29)
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