Now is time to focus on year-end tax planning

2 mins read

Wells Fargo is committed to helping you succeed across all areas of your financial life.  

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.

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