As if starting a business wasn’t scary enough, throw in all the legal bullshit you need to know and it can make you want to run! BUT, have no fear – it isn’t as scary as you may think, I promise!!
I am in no way shape or form a lawyer and anything I write on this blog is just from personal experience and my own opinions. Before making any legal decisions you should contact your lawyer.
1. Separate Your Business Expenses From Your Personal Expenses ASAP
I once had a tax guy tell me the three ways to piss the IRS off was to lie/cheat about your taxes, ignore the IRS when they send you a letter, and not separate your personal and business funds. The sooner you can separate everything and be reallllllllly honest and clear about what’s business and what’s personal, the better.
2. ALWAYS Have A Contract
I don’t care if you have to go without your iced latte for 2 months because you have to pay a lawyer for a solid contract, do it. You will save your ass so much money (and heartache and stress and all the things) in the long run by covering it from the start. Even if you are just doing a sponsored post for a company, get everything in writing before you do anything OR accept any payment. If you accept payment before a contract is signed then the contract doesn’t count!
3. Investing In a Tax Person and Bookkeeper is Money Well Spent!
Don’t try to do that shit on your own, especially if you are making decent money. It will cost you anywhere from $500-$2000 for the ENTIRE year and it’s so much easier than doing it yourself. And to top it all off, they will also save you a lot more money than if you just tried to figure it out all alone!