All the Hacks: Money, Points & Life How to Save on Taxes with Ankur Nagpal
152 snips
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.
AI Snips
Chapters
Transcript
Episode notes
Tax Rate Strategies
- Understand your effective tax rate, which is taxes paid divided by income.
- Consider lifetime tax rate; sometimes paying more now saves substantially later, like with Roth accounts.
Capital Gains Taxation
- Capital gains are taxed differently than labor income, often at lower rates.
- Holding investments for over a year qualifies for long-term capital gains, which are taxed lower than short-term gains.
Optimizing Capital Gains
- Hold assets for slightly longer if close to the one-year mark to qualify for lower long-term capital gains rates.
- Use tax-loss harvesting to offset capital gains with losses, potentially lowering your tax burden.