The misconceptions that cost high earners six figures every year — and the strategies that reverse them.
Most high earners are remarkably intelligent people operating on remarkably outdated tax information. They believe their CPA is doing everything possible. They believe their 401(k) is their primary wealth vehicle. They believe paying more tax is just the price of success. Each of these beliefs is expensive and none of them are true.
The five myths below are not exotic edge cases. They are the standard assumptions held by W-2 earners making $300K to $2M per year, and they collectively represent the largest wealth leak in their financial lives.
Myth one: your CPA's job is to minimize your taxes. It is not. Your CPA's job is to accurately report your taxes. Tax minimization requires a different kind of advisor, one who combines entity structuring, real estate strategy, and proactive planning into a single unified approach.