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The $100 MBA Show
MBA2401 Guest Teacher- Ankur Nagpal – How Business Owners Can Save Money on Taxes
Dec 11, 2023
Ankur Nagpal, the founder of Teachable and now the driving force behind Carry, shares his expertise in tax strategies for business owners. He reveals how electing S corporation status can significantly lower self-employment taxes. Ankur also discusses the QSBS provision, allowing for tax-free gains on certain C corporation share sales. He advocates for setting up a Solo 401k to maximize tax benefits and emphasizes the importance of regular financial consultations to navigate these strategies effectively.
20:03
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Quick takeaways
- Business owners can save significant amounts on taxes by electing to be taxed as an S Corporation, benefiting from income bifurcation.
- Incorporating as a C Corporation and qualifying for QSBS can lead to substantial tax savings for entrepreneurs when selling shares.
Deep dives
Transition to New Career Opportunities
Lisa Schneider exemplifies how individuals can pivot to fulfilling careers through reskilling. After leaving her office job, she plans to establish a dog rescue, a dream she's nurturing with the help of AARP's courses. This transition highlights the importance of continuously developing skills to enhance future income potential. Such second acts demonstrate that it's never too late to pursue passions and ensure financial stability.
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