Fo­cus on year- end tax plan­ning

The Sentinel-Record - HER - Hot Springs - - News -

Our com­pany 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.

Five ar­eas to con­sider at year-end:

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 de

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 health care 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 us to sched­ule a re­view of your fi­nan­cial sit­u­a­tion.

Wells Fargo Ad­vi­sors is not a le­gal or tax ad­vi­sor. How­ever, we will be glad to work with you, your ac­coun­tant, tax ad­vi­sor, and/or at­tor­ney to help you meet your fi­nan­cial goals.

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