The 3 Biggest Tax Mistakes High-Income Earners Make Every Year
The new tax season is upon us. For many people, the filing process is as straightforward as gathering a few financial statements and following step-by-step instructions online. However, as a high-income earner, with a complex investment portfolio and diverse compensation package, filing your taxes may not be so simple.
Overlooked and often unknown errors can result in double taxation, an incorrect or incomplete tax return, or expensive penalties. As a corporate executive, you have unique factors to consider before submitting your taxes:
Do you have company stock options? Understand the cost basis of your performance shares when you’re ready to sell and how it influences your taxes.
Are you filing the correct forms? Non-deductible IRA contributions, backdoor Roth conversions and other IRA distributions often require additional documentation.
Do you have foreign financial assets? Reporting these incorrectly or neglecting to report them can result in significant penalties for each foreign account. Learn about the IRS reporting requirements if you've lived, worked or owned property overseas.
At Willis Johnson & Associates, we offer comprehensive financial planning, which includes reviewing clients’ tax returns for accuracy to reduce their tax impact and avoid overpayment. In this webinar, we discuss the frequent errors we encounter within tax returns from high-income earners, and how to prevent or correct these costly mistakes. Watch the webinar by completing the form today.
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