It's Time.

What with Evan really starting to get busy, and generating true income (and expenses), it is really time that he officially become a business. We were kind of waiting for the new year, to make it easy for accounting and tax purposes, and lo and behold, we are now a month into the new year. Time to get moving.

He has the paperwork for establishing himself as a limited liability corporation (LLC), so I need to get on him to fill it out and send it off. Once that's done, he can open up a separate business checking account to deal with expenses, so that things can be written off more easily. He's already made a pretty substantial purchase this calendar year (big piece of equipment), so hopefully, that can be retroactively included. I've noticed that our electric bill has gone through the roof since he's been working out of the house, running those machines. I think I had heard that part of that could be written off, too. I sure hope so. He also needs to buy professional quality invoicing, billing and budget software, so I need to look into the options on that.

There are so many things to figure out and keep track of, but hopefully, once the groundwork is laid, this running your own business thing won't be as daunting and complicated as it seems right now.