Full-time AND Freelance?
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- ethanfink0
Getting a separate bank account for the freelance is a great idea. Also a great idea is getting an EIN#. I ended up doing this through an LLC for my company, but you can also do this for an individual freelancer.
http://www.ehow.com/how_4771391_…If you want to do it right, you should use deductions as much as possible. Otherwise you will be throwing away money, having a separate bank account is key to keeping your affairs in distinct areas. Use different credit cards, one for freelance business and one for personal.
For investments look into SEP or Traditional IRA's that will help lower your taxation for the year.
If only this stuff came easy... It has taken me years to know the best routes for this stuff. Don't expect to learn it all in one forum. Get an account as everyone says, and don't be afraid to pay him well. Don't fall for this HR Block stuff...
Best of luck.
- Awesome advice. Thanks!CincodeMayo
- SEP is the ultimate best thing ever also a ROTH IRA. ask your new accountant of those.epilI