Today is the deadline for taxes. While many entrepreneurs and business owners are still scrambling to track down their CPA and to get their taxes in order, we spoke with John Thomas the CEO of Deductr about small business taxes, expenses his business and common mistakes entrepreneurs make.
What is Deductr?
Deductr is the fast and easy way for small/independent business owners to track their expenses, mileage and time so that they can maximize their tax deductions.
How does it work?
Deductr let’s you quickly enter and track expenses, income, mileage and time on your computer, tablet or smartphone. Capturing your eligible deductions is as easy as using the GPS in your smartphone to track your business miles. Deductr’s Tax Savings Estimator gives you real-time feedback on you actual tax savings! When tax time arrives, Deductr’s reports put everything you’ll need at your fingertips.
Why did you start your business?
Four entrepreneurial friends hated one aspect of small business more than any other: the monotonous, easy-to-procrastinate, stuff-it-in-a-shoebox-until-
What are common mistakes that entrepreneurs make?
- Lack of courage. Many entrepreneurs won’t hire great people and let them do what they were hired to do. Don’t be afraid to hire people smarter and better than you, and then don’t micro-manage them.
- Lack of patience. Many entrepreneurs want to give up when they don’t immediately see profits. Recognizing the other benefits of owning your own business, including the tax advantages is essential to staying in the game.
- Lack of adequate funding. You can’t drive with an empty tank.
What tips do you have for tax season for entrepreneurs and business owners?
Tracking is worth it! Take advantage of the mileage deduction for business miles. Take the home office deduction. The IRS just made it easier than ever before. If you have not done so in the past, start tracking today so that next tax season is a pleasant experience!