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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 founder of Teachable, shares tax-saving strategies for business owners, understanding different tax rates, and maximizing deductions. They also discuss energy efficiency, strategies for tax savings, and the benefits of using a CPA. Other topics include privacy concerns with decode.tax, opportunity zones, and the QSBS tax break for startups. They conclude with solo 401k options and maximizing tax savings with QSBS.
01:26:37
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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.
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.
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