Tax Strategies for Entrepreneurs

This chapter explores the benefits of the U.S. tax code for entrepreneurs and business owners, contrasting it with the challenges faced by W-2 employees. It discusses strategies for tax optimization, such as utilizing real estate professional status and the advantages offered by Qualified Small Business Stock (QSBS). The chapter also highlights the complexities of tax filing, including the crucial 83(b) election, and shares personal anecdotes of the stakes involved in managing tax liabilities.

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Episode 541: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) are on a campaign to make sure no entrepreneur pays more taxes than absolutely necessary. They’re joined by Ankur Nagpal, the founder of Teachable and resident tax genius, to share the 10 tax loopholes every founder should know.

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Show Notes:

(0:00) Intro

(3:00) Biggest secret to pay less in taxes

(6:20) QSBS - the most generous tax break available

(15:30) Do NOT move to Puerto Rico

(20:00) There's no true alpha in investing

(25:00) Sam's credit card tax hack

(29:00) Solo 401(k)

(33:30) Your CPA is not is not your tax strategist

(41:30) Owning real estate to lower your tax bill