Practical Considerations When Starting Your Own Business

One of the least glamorous aspects of running your own business is accounting and taxes, but if you want to be successful it is an area of importance. Whether you want to start your own business or have been running one for years, here are practical tips to consider for the independent contractor. When you were an employee, someone else did the accounting for you (the W-2 you used to prepare your taxes) and may have provided some non-taxable benefits (retirement plan, health insurance, disability coverage, etc.) that you will now need to provide for yourself. When deciding to become an independent contractor, one of the first things to do is to go through a budgeting process to confirm going out on your own is a good idea.

Rowntree, Raymond A. STC Williamette Valley (2002). Careers>Management>TC