A separate bank account for freelancers isn’t always required by law, but you should have one anyway. If you work as a sole proprietor, you can legally run everything through your personal account. However, the IRS recommends a separate account, and it makes taxes, bookkeeping and audits far easier. If you have an LLC, a … Read more
The best business bank accounts for freelancers cost nothing each month, help you set money aside for taxes and keep your business income separate from your personal life. After comparing fees, interest and tax tools on each provider’s website, these are our picks for 2026: Whether you work as a sole proprietor or run an … Read more
An EIN for freelancers is usually optional. If you work alone as a sole proprietor, with no employees, you can use your Social Security number for everything. Even so, most freelancers get one anyway, because it’s free, takes about 15 minutes online and keeps your SSN off client paperwork. You do need an EIN, however, … Read more
LLC vs sole proprietor is the first big decision most freelancers face. The honest answer surprises many people: by default, both pay exactly the same taxes. The real differences are liability protection, cost and paperwork. In other words, you are mainly paying for a legal wall between your business and your personal assets. For most … Read more