Lucas Casarez, a CFP and founder of Level Up Financial Planning, explains why many tech professionals can make six figures yet still feel broke, citing statistics that 48.6% of people earning over $100K and 36% earning over $200K report living paycheck to paycheck. He outlines four main drivers: lifestyle inflation, taxes reducing actual take-home pay (often 30–50%, especially in high-tax states), lingering past obligations like student loans or credit cards, and lack of budgeting/clarity. He notes you may be doing better than you think through automated saving, maxing a 401(k), holding employer stock, or aggressively paying down debt. He recommends building a monthly budget, then planning annually and long-term to anticipate taxes and irregular expenses, reduce stress, avoid burnout, and increase career flexibility, and invites listeners to seek help getting organized.

Navigating Common Tax Mistakes and New Tax Laws for 2026

In this episode of Techie Personal Finance Bootcamp, the host discusses several common tax mistakes and introduces new tax laws for 2026. Starting with essential tax preparation steps, the episode explains the importance of gathering relevant tax documents, considering new changes like RSUs and employer stock, and the pitfalls of rushing to file taxes without all forms. The host emphasizes the need for meticulous reporting, particularly for tech professionals dealing with employer stock and those affected by income limits on IRA contributions. The episode also covers strategies such as backdoor Roth conversions, handling 1099 forms accurately, and the implications of recent changes to the state and local tax cap. Additional tips include maximizing dependent care credits, 529 plan contributions, and rental property depreciation. Finally, the host advises business owners on correctly claiming legitimate business expenses to avoid IRS scrutiny. Listeners are encouraged to seek professional advice and ensure all financial details are accurately reported.

00:00 Introduction to Techie Personal Finance Bootcamp Season 8

01:23 Essential Tax Preparation Tips for 2026

01:53 Understanding New Tax Changes and Forms

02:22 Avoiding Common Tax Filing Mistakes

03:06 Time Travel Techniques for Tax Contributions

04:47 Automatic Tax Adjustments and Deductions

05:37 Maximizing Itemized Deductions

07:01 Common Tax Filing Errors and How to Avoid Them

09:05 Special Considerations for High Earners and Stock Options

12:24 Tax Tips for Parents and Property Owners

14:35 Final Thoughts and Looking Ahead

https://www.levelupfinancialplanning.com/tax-planning-retirement-accounts-backdoor-roths/

This episode provides an overview of significant changes to tax laws announced on July 4th, 2025. Key points include the permanency of temporary tax laws from 2018, slight increases in standard deductions, and significant increases in the state and local tax (SALT) cap from $10,000 to $40,000. Additional updates include adjustments to charitable contribution deductions, new senior tax deductions, auto loan interest tax deductions, and child tax credits. Other notable changes include the expiration dates for electric vehicle and home energy efficiency tax credits, as well as the introduction of new investment accounts for newborns.