Executive Summary: Why January 2026 is a Critical Turning Point

For high-net-worth individuals (HNWIs) and business owners earning $500K+, the tax landscape has shifted beneath your feet. With the enactment of the One Big Beautiful Bill Act (OBBBA) and the retroactive changes to the 2025 tax year, the “standard” approach to filing is no longer sufficient.

Whether you are based in Austin, Cedar Park, or Leander, the combination of IRS administrative hurdles and massive shifts in deduction caps—specifically the SALT deduction—requires more than just a tax preparer; it requires a strategic tax advisor. This guide outlines how to navigate the new OBBBA provisions to protect your wealth and optimize your 2026 fiscal year.

What Are the Common Tax Mistakes High-Earners Make in January?

Many high-earners in the Austin, TX area rely on outdated strategies that worked under the 2017 TCJA but fail under the 2026 OBBBA framework. Common pitfalls include:

• Overlooking the Retroactive OBBBA Benefits: Many taxpayers had excessive federal withholding in late 2025 because payroll calculations didn’t update in time for the July 4th law change. Failing to claim these “hidden” refunds is a missed opportunity for liquidity.

• Defaulting to the Standard Deduction: While the OBBBA raised standard deductions ($31,500 for married couples), the new $40,000 SALT cap makes itemizing on Schedule A significantly more attractive for Texas property owners.

• Miscalculating the “Senior Bonus”: For those 65+, the new $6,000 bonus deduction is subject to complex MAGI phase-outs. Miscalculating this can trigger an IRS audit or a loss of thousands in tax savings.

Step-by-Step: Advanced Tax Planning for 2026

To maximize your position, your tax advisor in Austin, Texas should be executing the following steps this month:

1. Audit Your 1099s and K-1s Early

With the IRS currently operating without an official Commissioner and a reduced staff, errors in information reporting are expected. Ensure your brokerage statements and business K-1s align with your internal books before the filing window narrows.

2. Maximize the New SALT Deduction Limits

For residents in high-property-tax enclaves like Spanish Oaks (Austin) or Twin Creeks (Cedar Park), the jump from a $10,000 to a $40,000 SALT limit is a game-changer. Ensure your property tax payments and state sales tax records are meticulously organized to leverage this 300% increase.

3. Leverage the Senior Bonus Deduction

If you or your spouse are 65 or older, you may qualify for an additional $6,000 deduction each. Unlike other credits, this is available whether you itemize or take the standard deduction—but only if your MAGI is structured correctly. We work with clients to manage income distributions to stay below the phase-out thresholds ($150,000 for MFJ).

Texas-Specific Considerations: Austin, Cedar Park, and Leander

Texas taxpayers face a unique challenge: we have no state income tax, making the Sales Tax Deduction and Property Tax Deduction the primary components of our SALT claim. In high-growth areas like Leander and Cedar Park, rising property valuations mean many HNWIs will easily clear the new $40,000 cap.

A specialized tax advisor in Austin, Texas knows how to balance these local property assessments against your federal liabilities to ensure you aren’t overpaying.

How a Specialized Tax Advisory Firm Protects Your Wealth

A general CPA focuses on the rearview mirror—what happened last year. A specialized tax advisor looks through the windshield. With the IRS facing staffing shortages and dealing with retroactive OBBBA changes, you need an advocate who understands:

• Complex business structures (LLCs, S-Corps, and Family Limited Partnerships).

• The nuances of the OBBBA’s 1% yearly SALT increase through 2029.

• Audit representation in an era of IRS volatility.

Why Lakeline Tax is Uniquely Positioned for 2026

At Lakeline Tax, we don’t just “do taxes.” We provide high-level tax engineering for families and business owners earning $500K to $10M+. Located at the intersection of Austin, Cedar Park, and Leander, we understand the local economic landscape and the federal complexities of the OBBBA.

We provide the sophisticated tax strategies usually reserved for the ultra-wealthy, delivered with the personal touch of a local Texas firm.

Ready to Secure Your 2026 Tax Strategy?

Don’t wait until April to react to the most significant tax law changes in a decade.

Schedule a Private Advisory Consultation with Lakeline Tax Today. Serving Austin, Cedar Park, Leander, and HNWIs Nationwide.