Kevin Price, Host of the Price of Business on Business Talk 1110 AM KTEK (on Bloomberg’s home in Houston) recently interviewed John Thomas.
About the interviewee
John Thomas “JT”, CEO
Prior to Deductr, JT was VP of Sales and Marketing at Xennsoft, a maker of MLM software, and in Sales at Access Technology Solutions helping MLMs expand internationally. JT was CEO of SimpliPhones, VP of Worldwide Support for Caldera Systems during the company’s successful IPO, and executive at Viewpoint Digital through its growth and acquisition by Computer Associates. He developed a passion for endurance sports completing marathons in Death Valley, Ironman triathlons, and 50-mile mountain trail races. JT holds a BS in business management.
Tell me about your firm (number of employees, location, type of companies you work with, etc.).
Our team at Deductr is 12 strong! Our headquarters is in Orem, Utah, however we have a few staff members located in other states and countries.
What type and size of companies do you have as clients?
Deductr is designed for any independent business owner/contractor who has 1099 income. To date we have often reached this audience by working with large companies, organizations or associations of these individuals. For example we work with the National Association of REALTORS who has over 1 million members and at the same time we work with the franchise companies that real estate professionals are affiliated with such as Century 21, Coldwell Banker, RE/MAX, etc. We also work with large direct sales companies who have tens to hundreds of thousands of independent business owners such as Nerium, MonaVie, doTERRA, etc.
What comes to mind when you see this topic?
The topic is independent business owners missing out on the deductions they are eligible for and thus overpaying on their taxes. What comes to mind is over 20 million people who file a Schedule C each year, who drive this country’s economy at a grassroots level, not taking advantage of the tax deductions available to them because they don’t what they can deduct, don’t know how or think it is too difficult.
What are the best practices when it comes to this issue?
Independent business owners must track their expenses and mileage – many know this but few do it effectively. Independent business owners should also track their time. This group is three times more likely to be audited, and no independent business owner wants to find himself or herself in an audit only to have the IRS reclassify their business as a hobby and lose those deductions. Tracking time helps to justify these business expenses. There are many separate apps to help track expenses or mileage or time. However the best system is a single tool that allows independent business owners to track expenses, mileage and time in a simple and automated manner, and then easily get a report at tax time to help them prepare and file their taxes or to give to their tax professional. That’s what Deductr does!