How to Save on Taxes with Ankur Nagpal

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 13 December 2023

⏱️ 91 minutes

🔗️ Recording | iTunes | RSS

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Summary

#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 Partner Deals Daffy: Free $25 to give to the charity of your choice DeleteMe: 20% off removing your personal info from the web Henson Shaving: Plastic-Free, Precision-Built Razors + $100 free Blades LMNT: Free sample pack of my favorite electrolyte drink mix Shopify: $1/month trial for the easiest e-commerce platform Carry: $400 off Pro Plan and free access to premium wealth building course For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals 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 ATH Episodes: #144: Leveraging Tax-Advantaged Accounts to Maximize Your Wealth with Katie Gatti Tassin #92: Year End Checklist for Your Money, Taxes, Points and Miles #62: Protect Your Family, Mitigate Taxes and Preserve Your Wealth 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 Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn Editor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello and welcome to another episode of All the Hacks, a show about upgrading your life, money, and travel.
0:07.0	I'm your host Chris Hutchins and today we're going to help you save money on taxes.
0:11.0	Now, I think we can all agree that taxes are an important part of our society, but with the
0:15.8	tax code currently at over 4 million words, which by the way is about four times longer
0:21.2	than all seven Harry Potter books combined, it is no
0:24.7	surprise that finding all the completely legal ways to optimize and lower our
0:28.7	taxes is no easy feat. So I wanted to invite my friend Anker Nogpahl, the founder and CEO of
0:34.3	Carrie to join me because I've been scouring the internet for the best
0:38.2	content on 2023 tax optimization and I kept landing on workshops he's done.
0:44.0	We're going to cover ways that anyone can offset their W-2 income,
0:48.0	maximize their deductions, save taxes on investments,
0:51.0	and so much more.
0:52.8	At the end, we'll also cover tax savings
0:54.9	for business owners, and my goal is for you
0:57.2	to find at least one tax strategy in this episode
1:00.1	that you can use yourself.
1:01.8	So let's get into it right after this.
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	...

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