The Sunday New York Times ran a special tax section on February 10. One article focused on the tax costs and savings from owning your own business. Many people think it's great that they can deduct all their business expenses. However, they may not realize that they have to pay both sides of the employment taxes (Social Security and Medicare) -- the employer's and the employee's sides. You also have to set up books to track your business expenses separately from your personal expenses. You can read more of what the NY Times has to say at this link:
Since tax time is rapidly approaching, I'll be writing more about this topic in the days to come.