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Full-time work + running small side business: Best business structure for taxes?
I have a very similar situation doing side IT projects.  I set up an LLC for the business, created a separate bank account, and track things separately.  I then pay myself from the LLC bank account based on my hours for the consulting job.  (I keep a percentage in the LLC account to pay for expenses.)  I used to do my taxes myself, but when I created this arrangement, I started having an accountant do them.  An LLC will not affect your tax status, but it will protect you from liability and make things more accountable come tax time.