top of page

Tax Planning Strategies

By Jeremy Wakeland, Account Administrator

Here at Ascend Advisory Group, we strive to provide high levels of service and advice to all of our clients and relationships. One of the main ways we add value to our clients is by showing them how to be tax-efficient, via a variety of means. Below, we will highlight some of the tax strategies that our Advisors can help with:

Retirement Plan Contributions

Increasing, or even maxing out your retirement plan contributions each year can reduce your taxable income and potentially your tax burden. Even if one spouse is non-working and not covered by an employer retirement plan, a deductible IRA contribution can be made on their behalf. While also potentially decreasing your tax burden, this also increases your contributions to your retirement and savings.

529 Contributions

You can claim up to $4,000 on state taxes, but not federal taxes, per beneficiary in the State of Ohio. This includes any contributions made for dependents as well as you and your spouse if applicable. This number ranges from state to state and some states, like Kentucky, do not offer a state deduction.

Health Savings Account

If in a high deductible plan, you are able to contribute to a Health Savings account. This allows you to put funds away and potentially reduce your tax bill, while also being able to invest those dollars and have them grow tax free for you, if the funds are used for qualified health care expenses. These types of accounts never expire and are eligible to use during the account owners entire life.

Tax Loss Harvesting

Tax-loss harvesting is a strategy that can allow you to sell investments that are down, replace them with reasonably similar investments, and then offset potentially realized investment gains with those losses. The ideal end result is that less of your money goes to taxes and more staying invested and working for you.

As always, please consult with a qualified tax professional as well as your financial advisor to see if any of these tax planning strategies are right for you!

Wells Fargo Advisors Financial Network is not a legal or tax advisor. Any discussion of taxes represents general information and is not intended to be, nor should it be construed to be, legal or tax advice. Tax laws or regulations are subject to change at any time and can have a substantial impact on an actual client situation.


bottom of page