Carrie Smith from CarefulCents.com (podcast guest from Episode 54) gives us 4 things to consider before becoming self-employed:
1) Business name – Could use your name with Social Security number, DBA, Inc or LLC
2) Open separate checking account – This will keep income and expenses separate from personal and make business accounting and tax filing
3) Quarterly tax filings – Withhold approximately 20% for taxes and file every 3 months.
4) Proper accounting and bookkeeping methods – Free online resources like Outright.com or Mint.com or hiring a knowledgeable bookkeeper.
Follow Carrie at Twitter.com/AppleCSmith
or connect with her on Facebook.com/CarefulCents
