My First Million

$250M Founder Reveals How The Rich Avoid Taxes (Legally)

Jan 17, 2024

59:17

Snipd AI

Ankur Nagpal, founder of Teachable and resident tax genius, joins the hosts to reveal 10 tax loopholes for founders. Topics include the biggest secret to paying less in taxes, QSBS benefits, why not to move to Puerto Rico, Sam's credit card tax hack, owning real estate to lower tax bill, and misconceptions about Indian food.

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Quick takeaways

Optimizing taxes is crucial for entrepreneurs to save money and build wealth.

Qualified Small Business Stock (QSBS) offers significant tax advantages, allowing shareholders to potentially pay no taxes on up to $10 million in gains.

Owning real estate as a business strategy offers substantial tax benefits and can result in significant tax savings for entrepreneurs.

Deep dives

The Importance of Optimizing Taxes as an Entrepreneur

As an entrepreneur, optimizing taxes is crucial. The US tax code is rigged in favor of business owners, making it essential for individuals to consider becoming a business owner to optimize their taxes. By doing so, they can take advantage of the numerous tax benefits and deductions available. Real estate and business ownership are specifically favored in the tax code. Many people are unaware of this and underestimate the role that taxes play as their biggest expense. By understanding the importance of tax optimization, entrepreneurs can strategically navigate the tax system to save money and build wealth.

Maximizing Credit Card Points

03:03

Maximizing QSBS Benefits through Stacking Trusts and Future Beneficiaries

01:38

Tax Code Rigged for Real Estate & Businesses

01:50

Maximizing bysiness tax benefits by owning your own office real estate

01:45

Introduction

2min

Building Viral Facebook Applications and Making the First Million Dollars

2min

Maximizing Tax Advantages for Business Owners and Real Estate

12min

Risks of Company Share Loans and Tax Considerations

4min

The True Meaning of Financial Freedom

18min

Tax Planning and Collaborating with Professionals

8min

The Misconceptions About Indian Food and Nutrition

12min

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