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Here are five considerations to think about when it comes to tax planning.
1. Analyze your investment portfolio.
• Review your portfolio to help ensure your allocation still aligns with your goals.
• Assess tax consequences if you have sold assets earlier in the year.
• Review tax-loss selling strategies if you have capital gains but wish to keep exposure to a depreciated sector or security.
2. Manage your taxes.
• Evaluate the pros and cons of deferring taxable income if you expect to be in the same or a lower tax bracket next year.
• Talk to your CPA about increasing your tax deductions.
3. Maximize your tax-saving opportunities.
• Consider increasing your retirement savings for the year.
• Find the right type of IRA for you.
• If suitable for your circumstances, consider consolidating your assets.
• Take advantage of an FSA or HSA for healthcare expenses.
4. Protect what matters.
• Review your insurance coverage to help make sure it is adequate for your needs.
• Review your beneficiary designations and make any necessary adjustments due to life changes (i.e., marriage, divorce, birth of child/grandchild, death, etc.).
5. Leave a legacy.
• Review your estate plan to help ensure it is aligned with your wishes.
• Think about creating or adding to a tax-advantaged college savings plan.
• Consider developing a plan to complete charitable and family member gifts by year-end.
Taking the time to create, review or update your investment plan can help you reach your short-term and long-term financial goals. Contact Wells Fargo to schedule a review of your financial situation.
This article was written by/for Wells Fargo Advisors and provided courtesy of Katie C. Phifer, certified financial planner and financial advisor in Beaufort. She can be reached at 843-982-1506.
Investments in securities and insurance products are not FDIC insured, not bank guaranteed and may lose value.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.
