I am new in the commercial real estate industry in the state of
Tennessee (in the greater Nashville area) and am trying to write a
budget with the money I have coming and going with my practices. Two
part question:
1: What all can I write off (ongoing as well as in the first year of
practice) at the end of the tax year. (advertising, phone usage,
automobile, subscriptions, etc) And, if I don't have a mileage log,
what is the proper way to list the miles put on my automobile?
2: When and how will I be taxed (local/state/federal) on my income
generated by sales/leases/referals/etc. Quarterly or yearly? As a
fixed ammount, or as a percentage? Do I need to (or should I) create
a separate account for taxes?
If you could answer these questions directly as well as provide me
some links to more resources reguarding this subject matter, that
would be fantastic. Thank you so much, any assisstance I could get
would be much appreciated. |