Tip #6: Think about taxes and other business considerations.

It’s wonderful being self-employed because of ALL of the many great tax write-offs you can claim. It’s amazing! But, there are also important things you have to remember…talk to your accountant, CPA, tax specialist, tax service…whoever you need to…this is IMPORTANT.

1. Tell him/her what you’re doing…ask for input/ideas. Many accountants and tax specialists are self-employed and have great ideas for you!

2. Ask about what expenses should you keep track of – what can you write off? (This has been HUGE for me.)

3. Ask how/what is the best way to for YOU to pay your income taxes now that you’re self-employed? Are you structured enough to take about ¼ out of each check to save up and pay your income taxes once a year? Or, do you need to pay them quarterly? [I have my husband withhold more from his checks than he used to…that REALLY worked well for us this year. I know some people don’t like the government “using” their money…but that way it doesn’t sneak up on me. Then, too, all the money I’ve saved each year doesn’t have to go towards my taxes…because they’re already paid! In fact, we actually got some BACK this year! And I had made more money than ever!]

4. Ask if there’s anything you need to be aware of for your area/state regarding having a home-based business? Any zoning/licensing laws? What’s the best entity structure (sole proprietor, corporation, LLC, etc.) for your situation?