[meaghanchan]

1. Optional question, what type of business do you own and how long have you had it ?

Animation; I've been working 'permalance' for the past year and a half. I'd take a full-time employee position if it came along, it just hasn't yet.

2. I'm wondering what type of business structure (Schedule C, corporation, LLC etc) most small business owners are using ?

No formal structure, just file a schedule C

3. Do you have to file Schedule C once a yr or quarterly ? Also, do you need an EIN for sole proprietership ?

I send a check to the IRS quarterly, although I don't think I have to fill out anything other than the 1040-ES to estimate how much I owe.

4. Do you use a personal accountant or do you do the taxes yourself ?

I did my taxes myself last year; I'm hiring an accountant this year because I think it might save me money. If it doesn't I'll go back to doing them myself.

5. Anything else I need to be to consider or any other helpful hints suggestions etc ?

I kind of fell into being my own business. Out of college, I thought I'd get a job and be an employee, then I was hired and found out that I wasn't an employee, I was an 'independent contractor'. Go figure. It was a lot easier than I figured, and the only big pains (besides no health insurance no 401(k), etc) are the 15.3% self-employment tax and the remembering to save up money for taxes.
Last year I didn't have an account just for that purpose; I'd look at the money in my checking account, and it was hard to deny myself stuff. I didn't file quarterly that year, and so by the end I had about $3000, just sitting in my checking account. Telling myself that I couldn't afford any new clothing, or to eat out once in a while, was really hard. This year I have an ING account set up just for taxes. It makes it a lot easier, because now my checking account only has what I can *actually spend* in it. It's good.