A business checking account and a personal checking account

A business checking account and a personal checking account should always be kept completely separate.

Let’s talk about what mixing is and how to tell when you are mixing and when you aren’t: 1) You are treating your business account like your personal bank account when you combine funds.

I wouldn’t suggest this. You will be held responsible if you transfer funds from your business bank account to your personal checking account without the necessary documentation. 2) You are commingling if you pay for your groceries at the store with money from your business.

3) Using your business checking account to pay for personal expenses without providing documentation. There are many other reasons why you shouldn’t mix and match your funds. These are just a few. Keeping your corporate veil in place is crucial. Why create the entity and separate yourself in the first place if you don’t intend to do so? When you get paid, you should make it a practice to deposit your own money into your business account first.

If you require business supplies, purchase them from the business checking account. You won’t have to worry about this revealing your business identity. Keep in mind that the IRS won’t let you deduct anything for your business that you can’t prove with documentation for tax purposes. Due to the lack of organization in their accounting systems, many business owners pay more in taxes than they should. When starting a business, it’s best to get it right the first time.

To keep them “separate,” you might want to open a business checking account at a different bank. If you are just starting a business or if you already have one and you haven’t separated yourself from it, do so right away. Discuss your situation with local experts to determine the best course of action. Everyone works in a different way. You will only benefit in the long run if you maintain or develop excellent habits. We anticipate your triumph! Regards-

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