In this episode we talk about many of the recent changes in tax law and how they affect Real Estate Agents and small businesses.
Podcast Takeaways
- Consult with your own tax advisor!
- Standard Deduction has doubled to $24,000 in 2019
- Look at your business structure. It can make a huge difference in the way and amount of taxes that you pay.
- Keep a detailed log of all your business activities.
- Meet with your accountant at least a few a times per year
It’s Tax Time with Mike Wright Podcast Transcript
Adam Small: Hello and welcome to the Real Estate Marketing Minute. I’m your host Adam Small, and with us today is Kimberly Small. Hi Kim.
Kimberly Small: Hi.
Adam Small: How are you doing today?
Kimberly Small: Can’t complain.
Adam Small: Great, great. So today we are in the offices of Taxwright with Mr. Mike Wright, an accountant. Hi Mike, how are you?
Mike Wright: I’m good. How are you all?
Adam Small: Doing well, thank you very much. Thank you so much for joining us on our podcast and having us here at your offices, we do appreciate it.
Mike Wright: It was my pleasure.
Adam Small: Great. So what we are gonna be doing today is kinda talk about some of the recent tax changes, tax law changes, and kinda talk about how they may or may not impact a real estate agent, depending on how their business is structured. So the first thing I’m gonna say is that this is not meant to be tax advice and you should always consult with your o