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Monday, March 7, 2016

Using Your Business Bank Account

The following information is based on IRS guidelines.

Your business must have its own bank account.

The IRS requires proof of payment so Pay All Business Expenses using Business Accounts (Check, Credit or Debit card, Bill pay, Auto Draft, ACH)

Don’t Pay for business expenses with cash, cashier’s checks or money orders (These are almost impossible trace!)

Do not use the business account for personal expenses (This is co-mingling funds!)

Do not use your personal account for business expenses (This is co-mingling funds!)

Do not Co-Mingle funds….If you mix your business & personal expenses, the IRS will consider all of your expenses personal and make you pay taxes on all of your income!

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