Your first year as a freelancer: the tax checklist

Most first-year surprises come from three places: no estimated payments, mixed personal and business spending, and missing receipts.

The checklist

• Open a separate checking account for the business.

• Get an EIN so you are not handing out your Social Security number.

• Decide on a set-aside percent and move it on every payment.

• Put the four estimated tax dates in your calendar.

• Keep receipts for anything over $75.

• Measure your home office.

• Start a mileage log.

• Ask each client how they will pay and which form they will send.