Episode 176
- Marisa Palmieri Shugrue
- May 9, 2024
- 1 min read
5/9/24
Topic: Optimizing Your Taxes as a PMP
Guests: Dan Gordon & Donnie Shelton
In this episode we discuss:
Our sponsors Coalmarch by Workwave and PestSure
PMP Industry Insiders Peer Groups
How PCO Bookkeepers & M&A Specialists did more than 1,700 tax returns, filed about 250 extensions and filed more than 7,500 1099s
Why you'd want to file an extension and when they're due
Penalties for not filing taxes or extensions
The importance of good record keeping
Why Donnie doesn't bother to write off business meals
Whether writing off home office expenses is worth it
The problem with cryptocurrencies and taxes
Changes to the Section 179 deduction and how the government can help fund your growth
Why 2025 may be a big year for tax changes
How losses have changed since 2017
What you need to know if you got the Employee Retention Credit (ERC)
Resources mentioned:
PCO Bookkeepers & M&A Specialists blog post: 2024 Tax Deadlines to Remember
Program Dan recommends for receipt tracking: Dext (formerly Receipt Bank)
Billing and invoicing software Dan recommends: BILL.com
Dan's PMP article on the Section 179 deduction: "Why the Section 179 deduction is small business-friendly"
Notable: "Good tax planning means that you accelerate expenses and defer revenues." —Dan Gordon
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