If you’re a high-earning professional, taxes aren’t just a once-a-year headache—they’re a game you need to win. You work too hard to let the IRS take more than they should. Yet, so many professionals unknowingly leave money on the table, thinking they’re “doing it right” until a surprise tax bill (or worse, an audit) says otherwise.
Here’s the thing: smart tax planning isn’t just about filing on time. It’s about playing offense, making sure your money works for you, and leveraging every legal tax-saving strategy possible. That’s where a CPA in Austin, Texas comes in.
Let’s break down five costly tax mistakes and how to fix them before they eat into your bottom line.
1. You’re Not Structuring Your Real Estate Investments Right
- Why It’s a Problem: Owning rental properties? Awesome. Holding them in your personal name? Not so awesome. Doing this can expose you to higher taxes, liability risks, and missed deductions.
- How to Fix It: A small business CPA Austin can help you structure your properties under the right entity (LLC, S-Corp, or trust) to protect your assets and maximize tax savings.
2. You’re Relying Too Much on Basic Passive Income Deductions
- Why It’s a Problem: Yes, passive income is great (rental properties, dividends, etc.), but if you’re just taking standard deductions, you’re barely scratching the surface of what you could be saving.
- How to Fix It: A tax advisor in Austin can help you leverage advanced strategies like real estate depreciation, cost segregation, and tax-deferred investments to seriously cut your tax bill.
3. You’re Missing Out on High-Level Tax Mitigation Strategies
- Why It’s a Problem: If maxing out your 401(k) is the only strategy you’re using, you’re missing out on huge tax-saving opportunities.
- How to Fix It: A CPA firms Austin, Texas expert can help you explore tax-savvy strategies like 1031 exchanges, donor-advised funds, defined benefit plans, and tax-loss harvesting so you’re not just saving, but strategically keeping more of your money.
4. You’re Investing Without Thinking About Taxes First
- Why It’s a Problem: Short-term gains? High-yield accounts? Great—until tax season hits and you realize how much you’re handing over to the IRS. Not all investments are created equal in the eyes of tax law.
- How to Fix It: A CPA in Austin, Texas can help you restructure your portfolio with tax-efficient investments, like municipal bonds, Roth accounts, and tax-deferred real estate strategies. Less tax = more wealth-building.
5. You’re Not Working with a CPA Who Understands Multi-State Taxes
- Why It’s a Problem: If you’re earning across multiple states (through remote work, real estate, or investments), each state has its own tax rules. File incorrectly, and you could be overpaying or setting yourself up for an audit.
- How to Fix It: An experienced Austin tax accountant will make sure you only pay what’s required—no more, no less—keeping your tax bill legally as low as possible.
Stop Giving the IRS More Than They Deserve: Let’s Build Your Tax Strategy
You work hard for your money, so why let outdated tax strategies chip away at it? At Insogna CPA, we help high-earning professionals optimize tax strategies, minimize liabilities, and keep more of what they earn.
Whether you need expert Austin accounting services, guidance from an Austin small business accountant, or a CPA in Austin Texas who actually understands high-net-worth tax strategies, we’ve got your back...
📞 Let’s talk. Book a tax strategy consultation today and start keeping more of your hard-earned money!