If you don’t have an LLC, you can use your personal credit cards, but the onus will be on you to separate the charges.
Quarterly taxes are due 4 times a year. They don’t follow the standard calendar quarter schedule though.
A corporate structure’s job is to shield you from the liability of the business.
It basically allows you to become a regular employee of your company with a periodic paycheck and W2 at the end of the year at a salary that you determine.
It’s low cost, easy to open and maintain and very popular.
These financial reports are important to understand for the health of your business and should be well understood.
Accrual based accounting means you record your transactions when they are meant to happen, not when the cash comes or goes.
Cash-basis is what most people are familiar with, it is how you handle your personal or household finances.
The distinction is you recognize the income when you record it, not when the deposit hits your bank account.
There are many differences between being a wage earner and being self-employed, but a few of the relevant ones are that your employer pays half of your FICA taxes on your behalf.