All the Hacks with Chris Hutchins

How to Save on Taxes with Ankur Nagpal

Dec 13, 2023

Ankur Nagpal, founder and CEO of Carry and co-founder of Teachable, shares his expertise on tax strategies for business owners. He discusses how to offset W2 income and limit capital gains, along with unique investment opportunities that can optimize tax savings. The conversation dives into managing tax deductions, especially for charitable contributions and energy-efficient improvements. Listeners will also learn about maximizing benefits from tax-advantaged accounts and the critical role of CPAs in navigating complex tax scenarios.

01:26:37

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Episode guests

Ankur Nagpal

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Quick takeaways

W-2 employees can save on taxes by itemizing deductions, maximizing contributions to tax-advantaged accounts, considering non-qualified deferred compensation plans, and deducting business expenses.

Real estate ownership offers tax advantages such as excluding capital gains, deducting mortgage interest, utilizing depreciation deductions, and benefiting from investment interest deductions.

Investors can optimize tax savings by considering long-term capital gains, tax loss harvesting, donating appreciated assets, investing in tax-advantaged accounts, and seeking personalized investment strategies.

Working with a CPA and leveraging AI tools can enhance tax planning efforts for individuals with complex financial situations, ensuring compliance, maximizing savings, and analyzing tax returns for mistakes or opportunities.

Deep dives

Tax optimization strategies for W-2 employees

One important strategy for W-2 employees to save money on taxes is to consider itemizing deductions instead of taking the standard deduction. This allows individuals to deduct certain expenses such as mortgage interest, state and local taxes, and charitable contributions, potentially reducing their taxable income. Another strategy is to maximize contributions to tax-advantaged accounts like 401(k)s and IRAs to lower taxable income and enjoy potential investment growth. Additionally, high-income earners can explore non-qualified deferred compensation plans (NQDC) to defer income to the future and take advantage of potentially lower tax rates. Consulting work or side hustles can also offer tax benefits to W-2 employees, allowing them to deduct business expenses. Lastly, working with a CPA and seeking their guidance can help navigate the complexities of the tax code and ensure optimal tax planning.

Exploring the Benefits of Cash Out Refinance and Investment Interest Deduction

02:44

Henson Razor Deal and Tax Insights

01:20

Maximizing Tax Benefits through Donating Appreciated Assets

02:15

Managing Capital Gains and Losses in Brokerage Accounts

01:02

Intro

3min

Mastering Tax Optimization

9min

Strategies for Managing Capital Gains Taxes and Data Privacy

6min

Navigating Tax Deductions

7min

Maximizing Charitable Contributions and Energy Tax Benefits

3min

Year-End Tax Strategies

4min

Maximizing Tax Benefits Through Strategic Contributions

4min

Tax Strategies for High Earners

6min

The Value of a CPA: Navigating Complex Finances

5min

10.

Navigating Tax Strategies with AI and Real Estate

18min

11.

Maximizing Tax Benefits through Solar Investments and Startups

3min

12.

Maximizing Tax Benefits for Startups and Business Owners

17min

13.

Maximizing Business Expenses and Investments

5min

14.

Unlocking Tax-Free Gains Through Qualified Small Business Stock

3min

#147: Chris and Ankur Nagpal (co-founder of Carry) discuss strategies to save money on taxes. They explore offsetting W2 income, limiting capital gains, some unique investments that help optimize your taxes and more! They also cover tax strategies for current and future business owners.

Ankur Nagpal is the founder and CEO of Carry, which helps empower business owners to build their wealth. He also founded Teachable, an e-learning platform that was acquired for ~$250 million.

Link to Full Show Notes: https://www.allthehacks.com/save-on-taxes-2023

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Resources Mentioned

Ankur Nagpal: Twitter | Carry (+ Carry's Free Resources)

Side Hustles For Experts: GLG | Guidepoint

Professional CPAs: Gelt (Skip the waitlist with this link)

Tax Decoding Site: Decode.tax

Interest Tracing Guidelines Tactics: Deloitte Guide | SVB Mortgage Example

Tax Advantaged Solar: Valur

Exchange Funds: Cache (Management fees waived for one year with this link)

ATH Episodes:

Full Show Notes

(03:30) Why It's Important to Pay Taxes

(05:00) Basic Context on Taxes

(08:33) Capital Gains for General W2 Income Earners

(14:00) Itemizing Deductions

(20:09) Charitable Deductions

(25:14) Home Energy: Inflation Reduction Act

(27:49) Tax Strategies for Parents

(31:39) Non-Qualified Deferred Compensation Plans (NQDC)

(39:29) Side Hustles for W2 Income Earners

(40:47) Hiring a CPA vs. Doing Taxes on Your Own

(45:39) Using AI to Help with Taxes

(47:05) Tax Code for Personal Real Estate

(53:36) Real Estate Investments

(1:02:17) Tax Incentives for Solar

(1:09:38) Other Investment Tax Strategies

(1:12:29) Qualified Business Income Deduction

(1:22:28) Health Insurance

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All the Hacks with Chris Hutchins

How to Save on Taxes with Ankur Nagpal

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Tax optimization strategies for W-2 employees

Key tax advantages for real estate owners

Optimizing investments for tax savings

Working with a CPA and leveraging AI tools for tax planning

Tax Saving Strategies for Business Owners

The Benefits of Investing in Real Estate

Tax Benefits of Investing in Startups and QSBS

Exploring the Benefits of Cash Out Refinance and Investment Interest Deduction

Henson Razor Deal and Tax Insights

Maximizing Tax Benefits through Donating Appreciated Assets

Managing Capital Gains and Losses in Brokerage Accounts

Remember Everything You Learn from Podcasts