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business question

Fot those of you who own your own business. Do you a business checking account to keep your personal seperate? Also do you file seperately from your husband at tax time to make it easier or just file together?

 
Anonymous

Asked by Anonymous at 1:27 PM on Dec. 13, 2010 in Money & Work

This question is closed.
Answers (5)
  • Yes we have a separate checking account for our personal and for business. While it's not necessary for a sole proprietorship it looks more professional for customers to write checks out to our business and not us. It's just also easier for keeping track of the business money paying for business supplies and bills for tax time.

    We do combine our businesses taxes with our personal as it is a sole proprietorship....but it is more challenging to get done so we do use a professional for that.
    Mom2Jack04

    Answer by Mom2Jack04 at 2:07 PM on Dec. 13, 2010

  • We have a separate business checking account and business credit card so we can keep our business and personal expenses separate. Our bookkeeper/accountant files our taxes jointly, because that's what's best for OUR financial situation, but not necessarily yours.
    vicesix

    Answer by vicesix at 1:39 PM on Dec. 13, 2010

  • It depends on what type of business you legally are. If you are a sole proprietorship or a partnership, you can have a shared checking account.  If, however, you are an LLC or a corporation, you are legally obligated to have a seperate bank account for both personal and business. 


    We file jointly.  It's easier that way because the business has a seperate return.


    If you need help running your business, I invite you to join my Cafemom business networking and support group and ask your questions there. 

    HotMama330

    Answer by HotMama330 at 4:19 PM on Dec. 13, 2010

  • I have a business account and I always file together, better tax breaks.
    wellnessgirl

    Answer by wellnessgirl at 6:38 PM on Dec. 13, 2010

  • We have separate accounts for each business. The businesses are LLCs.
    rkoloms

    Answer by rkoloms at 9:42 PM on Dec. 15, 2010