The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 10 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
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: QSBS rollovers allow founders to reinvest proceeds tax-free into new startups
“You can do something that is called a QSBS rollover that actually lets you take the proceeds and invest it in another qualifying small company And then your clock resumes ticking. So let's say you sold the company after three years. You only then have to wait …”
Nagpal: US tax code expands by 150,000 words annually
“It's growing by a 150,000 words a year, which is insane.”
Nagpal: Business owners get a 20% QBI income tax deduction
“As a business owner, you get something called a QBI deduction, which is the automatic 20% deduction on your income right there. It's part of the Trump jobs act in 2017. There's some nuance to it, but 20% right off the top.”
Nagpal: Dedicated home office deductions apply to business owners, not W-2 employees
“A lot of people know you can deduct business expenses with a business that you can't if you're an employee, but a very big one is if you have a dedicated home office That you use specifically for your business, you can proportionally deduct that from your rent…”
Nagpal: S-Corp election saves roughly $5k at $100k net income outside NYC
“Because New York City levies an additional tax on S-Corps, but in most other cases, like at a 100,000 dollars in net income, you're saving about 5000 dollars for an S-Corp election.”
Nagpal: Solo 401(k) tax-deductible contribution limits reach $66k and $69k
“You can put in Up to 66,000 dollars this year, 69,000 dollars next year, and get that entire amount as a tax deduction.”
Nagpal: R&D tax credits offset payroll taxes by up to 6-8% of engineering salaries
“If you're contributing to any kind of innovation, you get something called research and development tax credits, R&D tax credits, And this can be up to six to eight percent of the salary you spend on people who are actually building this innovation. And for us…”
Nagpal: Carry raised $2M from 200 angels as one cap table line
“So we had 200 investors involved, each putting in about 10,000 dollars each, various two million dollars with 200 people. And it's one line on our cap table. So right now, if I want to do anything, all I need is two signatures, my fund and this entity, and we'…”
Nagpal: QSBS exempts up to $10M in capital gains from federal and state taxes
“The way it works is if you hold shares in a qualifying C-corporation, and we'll come to that in a minute and what that means, for up to five years, when you sell your shares, you pay no federal taxes on ten million dollars, And in 42 states, including New York…”