Tracking, logging, categorizing, and organizing business expenses throughout the year can be a real hassle. Human nature says, “If its a hassle, put it off.” This leads to forgetfulness, which then leads to a mad scramble at the end of the year to get that disorganized shoe box of receipts to the tax professional who then must do his or her best to help you realize the tax deductions your business provides. In the end, it leads to lost deductions and lost dollars due to over-payment of taxes.
William Olsen, Founder of Deductr, CPA and tax professional in this industry for more than 16 years, joins Anita Campbell and Brent Leary for an in-depth discussion about procrastination and disorganization – two mistakes that can cost you big time at tax time.
Below are the questions we asked William:
- (3:42) Can you tell us a bit about yourself and your background?
- (6:30) Can you explain how Deductr works?
- (9:31) Did you deliberately set out to do that? Or was this created along the way?
- (10:55) What tips or best practices would you recommend for small businesses regarding procrastination and disorganization?
- (13:47) When talking about the IRS, what is it that the IRS really wants to see when small businesses take deductions?
- (17:05) Can you take a minute to explain a bit more about how to use the online app and the mobile app?
- (18:51) Are there significant deductions that small business owners can take but do not because they are unaware of them?
- (23:31) Is Deductr only for sole proprietors or can any business use it?
- (24:38) Can you actually deduct your time from your taxes?
- (26:47) Was creating a mobile app something that you thought would help accelerate the adoption of the service?
- (28:08) Where can people find out more?
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Listen to William’s interview now by clicking the red and yellow player below