Take Action – Review These Year-End Tax Saving Strategies

When it comes to tax planning, procrastination can be costly; the deadline for implementing most investment related strategies to potentially help reduce your tax bill for this year is December 29, 2017.

Watch our video and read our free guide for the full report which includes a checklist of actions to take before year-end.

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Here are just a few of the valuable tips from the guide that you may be able to implement before the year ends to help reduce the amount you may owe the IRS.

Capital losses can offset capital gains

  • Ask your Financial Advisor for a realized and unrealized gain/loss report to assess the income and/or capital gains you should expect this year. You may need to realize some losses before year-end to lower your tax bill.

Give gifts to help increase deductions

  • Develop a plan to complete charitable gifts by year-end.

Take advantage of employee benefit programs that provide tax benefits

  • Consider funding an FSA and/or HSA during your employer’s annual benefits enrollment period.

Consider the tax benefits of retirement plan strategies

  • Make maximum contributions to your employer retirement accounts; if contributing to your IRA, the deadline is April 17, 2018.
  • Take RMDs if age 70½ or older; discuss with your tax advisor the suitability of qualified charitable deductions (QCDs).

Save on taxes while saving for education

  • Create or add to your education savings program.

Not sure where to start? Turn to your advisors today.

Schedule an appointment with your tax professional to discuss your situation and review your 2017 tax projection.

  • Follow-up with your Financial Advisor to evaluate your portfolio strategies and any investment changes that may help lessen your 2017 tax bill.
  • Go beyond tax planning and create or update your Envision® plan. With an Envision plan, we can easily make adjustments to your account for tax planning considerations or changes in your life (births, deaths, marriages, divorces, etc.). If you’re nearing retirement, your Financial Advisor can also include income projections using the Income Center.

Wells Fargo Advisors is not a tax or legal advisor.

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