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Home   Help for Accountants   Accountant Community Allstars Forum   Getting Started  
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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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jedgar101
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08/07/11 1:06pm PDT
Viewed by asker 08/30/11 3:24pm PDT

Starting Practice

I have completed the 2010 certification and will take the 2011 exam within the next few weeks.  I want to keep my current full time staff accountant position when I start at first until I build a big enough client base. Is it possible to start working with clients and getting paid without going through the steps of opening up my business?  I want to make sure that I am doing everything legal but would I just be able to add the side income to my tax line at the end of the year or do I have to have my business registered in order to start?  I understand that I would miss out on the tax breaks for business expenses etc. but want to go ahead and just get started.

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Joan831
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08/07/11 2:14pm PDT

You can work as a sole proprietor.  You'll have to give people your social security number on a W9 so they can 1099 you.

 

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Michelle Long CPA
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08/13/11 2:49pm PDT

I don't think using your SSN is a good idea.  Go to www.irs.gov and get a free EIN to use instead.

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Michelle Long CPA
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Michelle Long CPA
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08/13/11 2:52pm PDT

You can operate your business as a sole proprietor and file a Schedule C with your 1040 tax return.  You'll need to report all your business expenses and income too. 

Congrats on getting certified!  Check out the resources on my website that will help you.  There are links to free webinars, podcasts and lots of resources like Intuit's Average Billing Rates survey, sample engagement letters, client interview checklist and much, much more.  www.longforsuccess.com/resourc...; Also, check out my blog posts and I'd love to have you subscribe too! :)  www.longforsuccess.com/blog

Author of the books 'Successful QuickBooks Consulting' http://amzn.to/lJqmb8 and
'How to Start a Home-Based Bookkeeping Business' http://amzn.to/jNk9Bg
www.LongforSuccess.com - my blog, resources, webinars & more

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og954
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08/25/11 10:57am PDT

Good luck jedgar101 with your future endeavors. 

 

Michele, I just wanted to give you a compliment on having such a great site. I subscribed and look forward to reading all the great information in the near future. Thanks.

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Michelle Long CPA
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08/25/11 1:32pm PDT

Thank you!  Check out my linkedin group too (there's a link to it on my site -- upper, right corner. :)

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og954
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08/25/11 6:09pm PDT

 Awesome, I just requested to join on LinkedIn. 

It is so funny, I just realized that the book I am reading, "How to Start a Home Based Bookkeeping Business" was written by you. It is great so far, keep up the great work and thanks again. 

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Michelle Long CPA
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08/25/11 6:37pm PDT

Cool!  Yes, that's my newest book!  It just came out this summer!  :)

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WyoGretchen
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09/28/11 11:41am PDT

Hello Michelle!

Which book do you recommend the Success book or the How to start book?  I am really wanting to make sure my foundation is strong and I have good reliable clients before I think about leaving my current fulltime job.

 

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Michelle Long CPA
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09/28/11 2:52pm PDT

Well, the How to Start book is newer, but you can order both on Amazon & get free shipping so it isn't too much to get both. :)

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essjay
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10/30/11 8:52pm PDT
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Jared: 

Sole proprietor or single-member LLC (provides liability protection that sole-prop does not)

Registration depends on the location, state, city, etc.  I live in Ohio which is one of the easiest places to start a business in ... this type of business requires no licensing or registration of any kind ... other than LLC if that is the plan... check your regs.

You do NOT miss out on tax breaks simply because it is part time ... they just won't be as large.

"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that rnethod which best pays the treasury..." Judge Learned Hand - U S Court of Appeals
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