7 Tax Mistakes to Avoid If You Make More Than $100,000

These days, a six-figure salary often doesn’t go as far as expected after taxes and adjusting for the cost of living.

Thanks to the flexibility of remote and hybrid work, high-earners have been moving to lower-tax states such as Florida from expensive cities in New York and California. No matter where you live, though, tax experts say that people who earn more than $100,000 should be generally focused on lowering taxable income.

Limiting tax exposure takes long-term planning, according to Jordan Gilberti, senior lead financial planner at Facet. People with high incomes should constantly review their options amid life changes, like having kids, buying a home or getting a big raise.

“High-income earners often focus on their taxes today and fail to see how they need to start planning for their taxes tomorrow,” Gilberti said. “Tax planning isn’t just about filing your taxes every April.”

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