Prep for Taxes: What to know

Since most real estate agents and brokers receive income in the form of commissions from sales transactions, we’re generally not considered an employee under federal tax guidelines, but rather a self-employed sole proprietor. And this self-employed status allows us to deduct many of the expenses we incur in our real estate sales or property management activities. Careful record keeping and knowing your eligible write-offs are key to getting all of the tax deductions you're entitled to. My guest on this episode of Inside the Canopy Files is Grady Thomas of Thomas Property Group and we will talk about everything from reeling-in the real estate receipts, to understanding how the PATH Act affects your business, to tax deductions, depreciation of assets and why keeping good tax records helps you run your business like a business!