John Thomas “JT”, the CEO of Deductr joins Episode 17 of the Profit First Podcast. JT talks about the different ways small business owners can maximize their tax deductions.
John Thomas or “JT” is the CEO of Deductr. JT has spent his career in small growth stage technology companies. When he isn’t helping independent business owners save time and money, he enjoys running, hiking and cycling in the beautiful outdoors of Utah.
There are 3 general categories any business can deduct from their taxes – Expenses (travel, meals & entertainment, office equipment), Milage, Time
It all starts with tracking certain things in your business – if you’re not in the habit of tracking you are either missing out, or you’re guessing – which means you’re missing out as well.
It’s important to take a few moments and go through the steps to see if you qualify for certain deductions, because you may be entitled to much more money than the standard approach may give you.
Anyone running a small business out of their home needs to take the “home office” deduction. It has to be a specific area in your home that is dedicated exclusively for business purposes.
If I take a business partner out to lunch at a restaurant, typically I can take 50% of that expense IF I have it documented (who it was, the business purpose, the receipt)
Tracking your time isn’t just about time management and productivity, it’s about validating you as a small business owner.
Small business owners are 3 times more likely to be audited than a W-2 employee.
Tip for the Day: If you hire an employee that’s a cultural fit, they will improve the bottom line more than a person who is not a cultural fit.
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TSheets – The #1 customer rated time tracking solution!