> I want to try my hand at little side business
Great idea. But before you jump in to this, I recommend that you take a look at last year's taxes and figure out what your marginal rate for additional earnings would be. If you're already earning a lot, and you've maxed out your deferred tax retirement account contributions, you may be working more for The Man than for yourself.
I learned this the hard way when I added some new business, and when computing the change to my estimated taxes, discovered that my marginal rate for the new business was over 50%. Although the top federal tax rate is 39.6%, you start to lose standard deductions and other benefits at certain levels, and once you hit AMT territory you get into all kinds of strange, awful tax complications. Add this all up with a high tax state and it's easy to hit the over 50% tax rate.
Most of the bad stuff happens above $160k AGI, but IRA phase outs and saver's credits are a lot lower. Of course, if you haven't maxed your retirement contributions, then all of your additional earnings could be channeled into that with no negative side effects. Good luck!