I'm just wondering how you guys run your numbers. Do you have a business and business name you track your finances under and pay taxes and stuff as a business? Or do you do work under your name, add much stuff under the table, etc.. Can you provide details? I'm wondering what you recommend. Does anyone have to pay sales tax on services rendered?
State of MN for me and yes, I have to collect 6.875% sales taxes and of course forward that to the state once a month.
When I first started out, is was a sole proprietorship....so Business and personal were somewhat filed together....but still tracked separately.
Then I became an LLC for some protection and finally an LLC operating as and S Corp.
Depending on your business and future plans, it would seriously be a good idea to speak with a financial person such as an accountant to begin with, then maybe a lawyer who can help set up other future planning, but an accountant you can build a good relationship to help with your taxes and guide you is a good first start....and each state is different, so that is why what I do, might not be good for you and your company.
