Core Insights - High earners often overlook proactive tax management, leading to unnecessarily high tax bills, which can be mitigated through strategic planning [1][2][3] Tax Strategies - Tax-loss harvesting is a strategy where investments are sold at a loss to offset gains, reducing taxable income without affecting long-term investment goals [2] - Utilizing donor-advised funds allows individuals to donate appreciated assets, avoiding capital gains taxes while obtaining a charitable deduction [2] - Retirement vehicles like backdoor Roth IRAs and solo 401(k)s are recommended for those who exceed income limits for traditional IRA contributions [2] - Estate tax strategies, including trusts and gifting plans, should be integrated into financial plans to minimize tax liabilities when transferring wealth [2] Ongoing Tax Planning - High earners are encouraged to view tax planning as a continuous process rather than a last-minute effort at year-end [3]