It’s that time of year again — tax season.
Every year, high earners leave thousands of dollars on the table when using tax software and even tax professionals might not inform you about deductions beyond familiar tax strategies, such as maxing out a 401(k) or a back door Roth IRA.
GOBankingRates spoke with certified financial planners (CFP) who shared five tax deductions high earners often miss, which could save $10,000 or more.
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File as an S Corporation
According to Block Advisors, filing as an S corporation offers benefits — such as reducing self-employment taxes and paying yourself or family members a salary — which can help maximize tax savings.
Grant Meyer, CFP and founder of Tru Mix Advisors, said he was able to save a sole proprietor who owned a service business over $14,000 on her 2025 taxes by having her file as an S corporation. “Being aware of your business structure and potential opportunities is a must,” Meyer said.
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Max Out an HSA
Meyer explained that maxing out Health Savings Account (HSA) is another must for high-income earners. “[Leave] the money there and [invest] it for the biggest impact,” he said.
“In retirement, you’ll have a huge pile of money to use tax-free for medical expenses and any past unreimbursed medical expenses,” Meyer added.
You’ll not only save money on your taxes now, but you’ll also have a nest egg to pay for the most expensive cost in retirement later — healthcare.
Bunch Charitable Gifts
Many high earners lose valuable deductions simply because they fall below the standard deduction threshold each year, said Christopher Stroup, CFP, founder and president of Silicon Beach Financial.
“By ‘bunching’ charitable gifts or other deductible expenses into one tax year — often using a donor-advised fund — they can itemize strategically and potentially unlock thousands in additional tax savings,” Stroup explained.
Increase Deductions With Tax Loss Harvesting
Another deduction that many high earners overlook, according to Stroup, is tax-loss harvesting. He explained that this involves selling investments that are temporarily down to translate into a capital loss. “Those losses can offset capital gains and up to $3,000 of ordinary income each year, with additional losses carried forward indefinitely.”
“When used strategically within a diversified portfolio, tax-loss harvesting can meaningfully reduce annual tax liability without changing long-term investment exposure,” added Stroup.
Deduct an LBD
A favorite tax strategy for CFP and CEO of Prosperitage Wealth, Brian K. Seymour, II, is a Leveraged Bonus Depreciation (LBD). This deduction, reintroduced in the One Big Beautiful Bill Act (OBBBA), allows accredited real estate investors to deduct a portion of a property’s value in the year they buy it rather than spreading the deduction over decades, Seymour said.
“While these strategies are only available to accredited investors, the ability to create a $220,000 to $250,000 passive loss on an $100,000 investment can be the difference between tens of thousands of dollars in taxes as you move down into lower marginal brackets,” Seymour said.
“[With financing,] investors can purchase even larger properties, which increases the likelihood that improvements can be depreciated,” he added.
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This article originally appeared on GOBankingRates.com: I’m a CFP: 5 Tax Deductions High Earners Overlook That Could Save You $10K or More
