Financial Fitness

Year-End Planning: Your October Checklist

These six actions can help you stay on track to reach your financial goals for 2019.

September 09, 2019

Taking these six actions this month will help ensure you’re still working toward your financial goals—and that you’re prepared for the upcoming tax season.

  • 1. Review your portfolio with your financial advisor to help ensure your allocation still aligns with your goals.
  • 2. 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.
  • 3. Determine whether the 0% capital gains rate will apply to your situation this year.
  • 4. Review tax-loss selling strategies if you have capital gains but wish to keep exposure to a depreciated sector or security. Remember, the last day to double up a position to help avoid a wash sale is November 29, 2019.
  • 5. Meet with your tax advisor to prepare preliminary tax projections and evaluate whether to defer income or accelerate expenses.
  • 6. Determine if any adjustments are needed to tax withholding or estimated payments.

Additional Resources

Your 2018 tax return can share important insights that could help reduce your tax burden this year.

Wells Fargo Advisors is not engaged in rendering legal or tax advice. If legal or tax assistance is required, the services of a competent professional should be sought.