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If there is a major pitfall for me, it's the numbers bit. While proper accounting could resolve any tax issues before they happen, I'll play it safe and probably also put back +20% extra for taxes, at least for the first few years. Thanks for the info!
I couldn't find an accountant would take me on for the first few years so I had to bumble along myself. I started out using quickbooks and honestly, most of my problems were from using it wrong. I should have taken classes and read books and stuff but I was a bit overburdened and stressed out from trying to manage it all.
I've settled on 20% as a good number. Even that may be high, but I like the forced savings.