Re: Freelancer moving into my own small business

Someone (on this forum?) mentioned the book "Inc. Yourself". If you have any trouble falling asleep at night... no really, it explains the tax implications of incorporating and LLC. If you get from the library make sure you get the latest edition, as those tax laws keep on changing. It will prepare you to have a good discussion with your accountant.

Easy to open that business checking account at WF or wherever. It's not a neccessity immediately when you start out, but very convenient. If you don't incorporate or LLC immediately, all expenses and revenue are in your name and Tax ID number. You sure have to keep track of every penny in and out, charge cards, parking, mileage, all of it or you'll be paying more taxes than you should. Be sure to ask your accountant about Quicken Home & Business and Quickbooks. Helps a lot to get it set up right the first time, then you just work your accounting system.