How to Save on Taxes with Ankur Nagpal

All the Hacks with Chris Hutchins

#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

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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 (Management fees waived for one year with this link)

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

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