Quote:
Originally Posted by RG5384
most likely that is what i will end up doing come the end of the year, but i want to make sure that i have everything set up properly now so that i don't screw myself come january. Are there major tax consequences if i do not set up a business checking account to run my income through?
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You need to talk to an accountant right now. Will you have to forward income tax payments to the IRS/state/local taxing body on a quarterly basis
this year? If you don't know the answer, that's just one reason to have the conversation. Much cheaper to pay the accountant than to be liable for some type of tax penalty.