#1 open a business checking and savings account. (FYI Bank of America has $15 monthly maintenance fee)
#2 put 30% of your monthly income into the business savings account, and use the business checking to deposit checks and pay business bills (or use a business credit card for that) and don't forget to pay yourself in your personal checking account. You should also try to save around 10% of your income after taking the 30% out for taxes...you can put that into your personal savings account.
#3 buy 2 13 pocket folders. One for taxes and one for medical.
Your tax categories are:
Legal and professional fees
Taxes and Licenses
For the medical folder
Long term care
Miles traveled medical
#4 keep an envelope in your purse or bag to keep receipts for the month. At the end of the month put the receipts in the correct file in the folder.
#5 if you're a music teacher I'd recommend getting Music Teachers Helper software...it does many helpful things including tracking your income and expenses. I can't live without this software, it's the best.
#6 in the music teachers helper software under Expenses, create the same file names that are in your folders so that you can log each expense as it comes. At the end of the year you can print out a spread sheet with the totals in each category.
#7 get your taxes done in January, because if you end up owing more than you think, you'll have time to save up and not get caught at the last minute with a huge bill that will leave you completely broke.
#8 get an accountant to help you set up your quarterly tax payments, a SEP account to help you save money for Retierment and while getting a cut on your taxes, and who can help you do your taxes in January. If your looking for someone in Philadelphia, I'd recommend Isdaner and Co.
#9 don't forget to keep track of the miles you travel for business as well as the miles you travel for personal reasons, you'll be needing both
Good luck! This is some basic information to help you get started, I'm not a professional, these are just the things I've learned over the years. I hope it helps some of you out there.