Hi,

I currently started working full time and collect my weekly wage without any taxes being taken out. I also started working part time for another company who also pay me as a 1099. I have been depositing the money into my personal checking account but want to open up a business checking account as a sole proprietor. Should I be depositing the money into the new business account? If so, should I deposit the previous checks into the new business account to account for all income received? Also, how do I use the income to pay my mortgage and personal expenses? Do I transfer money from the business account to my personal account? If so, how much or what percentage? Can I use the business account for personal expenses? If I have travel and cell phone expenses, do I pay this out of the business account and not my personal account? What are the risks in filing my taxes at the end of the year if I choose not to open a business account and deposit all my income and pay all my expenses out of my personal account?

How do I go about paying my estimated taxes? Do I have to pay them monthly or quarterly? How do I calculate the amount due?

I recently got married in March 2011 and wanted to know the best way for my husband and I to file our taxes for 2011. Is it better if we file "married but filing separately" or "file as married"? What's the difference?

Sincerely,
ConfusedinNY