Nagpal: Nothing gives more tax benefits than owning a business
Ankur Nagpal · How to Optimize Taxes as an Entrepreneur · Jan 10, 2024 · at 2:47
Carry CEO Ankur Nagpal outlines core wealth-building and tax-saving frameworks for founders and employees on Founder's Journal.
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“The first sort of overarching piece of advice I have for everyone is, even if you have a full-time job, consider starting a side hustle, because nothing will give you more tax benefits than having your own business.”
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More from Ankur Nagpal
Nagpal: Founders should always take secondary liquidity if employees get equal access
“I think you can always, always, always take a secondary if someone offers it to you with the caveat that you make the exact same offer to the rest of your team. I think that's a really important rule, but otherwise, I know a lot of investors are like, oh, you …”
Nagpal: Startups should give first employees 2x to 4x more equity
“Fundamentally, I do believe early startup employees, like the first few people are undercompensated in terms of what are like norms of how much to give early employees. Like historically, a lot of people, you know, would give First employee, one percent, and s…”
Nagpal: Founders can rent home to business 14 days tax-free
“Another crazy one is you can actually rent your house to your business for up to 14 days a year and pay no taxes on the income. It has to be legit. It has to be for like a meeting, an offsite or something, but literally, you know, income from one hand into the…”
Nagpal: VCs who pushed founders to sell secondary shares are now complaining
“Because a lot of VCs, frankly, are, they're the ones who Kept telling the founders to take secondaries because they wanted to buy into these companies that they weren't able to, and now they're upset about it.”
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“Don't let the tax tail wag the dog. So I would rather live where I want to, and then figure out my taxes. So again, to me, the whole point of having money is to be able to live where I want.”
Nagpal: Founders should optimize fundraising for medium-case outcomes, not high valuations
“It's what he said is it's best to optimize for the medium case scenario where things don't go absurdly well, but they also don't go poorly. So to ensure that you're protected, because if you do the opposite, right, where you just raise money at a super high va…”