The money in a business account is for business expenses. Your personal money is for personal expenses. Mix the two and you ask for trouble!
Paying taxes sucks. It sucks worse when someone wrongly filed a 1099-MISC forms resulting in duplicate income being reported to the IRS and you receive a letter saying you owe even more. Here is what you should do to resolve that issue.
It costs money to accept credit card payments. But the flip side of not having a merchant services account for your small business in even more costly. Accepting credit cards is a must for any small business.
You may not know it, but you may be paying your accountant for something you shouldn’t be and also it makes the freelancers you work with very angry! Not everyone needs to be sent a 1099-MISC.
Health insurance is confusing as all get-out! It’s worse when you’re self-employed. And if you’re married…Fuggedaboutit! Let me clear up the Self-Employed Health Insurance Deduction a bit.
Freelancers can’t afford to leave tax planning for the end of the year. Even then, most of the year-end tax tips are plain bad and not worth the time it takes to read.