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The best thing you can do starting out is talk to an accountant. My parents' accountant did a free consult for me. She walked me through paying the estimated taxes every quarter, knowing what to pay, and what I could deduct as a business expense. If you have a separate office space and computer that's not used for anything else, you'll be able to claim it. My computer is also used for personal things, so I don't claim that Internet time. I also work in the living room, no room for an office anywhere, so I don't claim that. She emphasized that it has to be a room that no one else goes into, other than clients, no kids or spouse using it for quiet space.
I have an EIN, so I don't give out my SSN. My best friend was a victim of identity theft (Her ex-husband and his new girlfriend), so I'm overly cautious. If a local client wants to meet up, it's in a public spot, never my home. You have to give out a mailing address for 1099s, but you can use a PO box if you don't want anyone to have your physical address. My private clients all pay through Paypal. We used their contracts, so that wasn't an issue. I don't require a deposit because they're big companies and they've been with me for years. They pay weekly and know that if payment is not on time, I won't work until I have it. Payments are almost always on time, unless the accountant is sick or has an emergency. |
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If you're eager to to start an online business you need to know the basics of it. It is hard to begin without knowledge of what you are trying to do.
I suggest that you should seek some advice from the experts with online business. Make sure you have a strong foundation before you start everything. |
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I suggest that before you go very far towards building a site with places like Weebly or Wordpress and other free sites, make very sure that you can link to your chosen payment provider without having the free site builder pull the plug on your site.
Generally they frown on affiliate links and will usually unplug your site if you use Clickbank. |
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