jason at infogenix.com
Wed Feb 9 08:59:27 MST 2005
On Tuesday 08 February 2005 09:18 pm, Sasha Pachev wrote:
> As some of you may have noticed or heard, I am now a full-time independent
> consultant for the first time. Things are going well so far, except I need
> to figure out how I am paying taxes to make sure IRS does not hit me with a
> fine, and also to make sure I do not pay more than I have to.
Congrats, personally I'm just getting out of this world, well, I still have it
on the side for small things, but not my 'daily bread' persey.
> If I did fine without a CPA when most of my income came from a W-2 type
> job, do I need one now?
Depends on how you setup. Personally, you can get a cpa for a small business
cheap. I have an accounting background, and did my own my first year, I did
allright. After that I went to a cpa that I was referred to, he was fast,
and saved me *much* more than he cost. Also he knew small business rules
quite well, and was able to help me setup a corp much better. LLC/S-Corp
laws are different by state, and are currently changing (s-corp is good in
utah). You WILL want to set one up, and pay yourself from that. Takes a
little for some people to get used to having two accounts, and representing
two entities. (Such as my wife not understanding at first why we didn't pay
tithing out of the work account, since "we/the business" had received a check
> Any other tips?
There are quite a few good Accountants around that can help in the setup. Do
it right at first, talk to one. I can give the info of the guy I use if you
want it, I HIGHLY recommend him.
Don't forget to keep records of everything, business writeoffs are all
important. They really will make the difference with how much money you
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