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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.

<i>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.&nbsp;</i>

<i>Investments in securities and insurance products are not FDIC insured, not bank guaranteed and may lose value.</i>

<i>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 &amp; Company.</i>