Founder's Journal
How to Optimize Taxes as an Entrepreneur
Jan 10, 2024
Ankur Nagpal, expert in tax strategies and wealth preservation tactics for entrepreneurs, discusses QBI deduction, types of businesses, home office deduction, and the benefits of a solo401k. Other topics include maximizing tax benefits, credit card points, real estate investments, and seeking quality information.
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Quick takeaways
- Business owners can benefit from tax deductions such as the QBI deduction and full deduction of state taxes.
- Deducting personal expenses as business deductions, like a home office or expenses related to a passion or hobby, can provide significant tax savings.
Deep dives
Tax Benefits for Business Owners
The podcast episode discusses the various tax benefits available to business owners. These benefits include the QBI deduction, which provides a 20% deduction on business income, and the ability to deduct state taxes in full instead of being capped at $10,000. Additionally, expenses related to a dedicated home office can be proportionally deducted from rent or mortgage, providing significant tax savings. Different business formations, such as an S corp or LLC, offer their own advantages. The episode highlights the importance of starting a side hustle, as owning a business provides numerous tax benefits.
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