I have been self employed for over 15 years . I would suggest meeting with your accountant . It will save headaches later . After several years of owning my business I finally turned it into a SCorp to save on taxes . This helped a ton . Ask your accountant if that would be smart to do right away . Starting next year you will probably want to file quarterly taxes which is not hard to do , your accountant will help you . Then you won ' t be left with a huge tax bill with penalties at the end of next year . You are on the right track . especially if you are saving it and not spending it . Good luck ! <| sep |> Wrong they don ' t , they hate Israeli Arabs specially those who live with the Jews in a city like a Haifa because to them they are traitors .