We previously blogged about the absolute need for small business owners to set up and maintain separate business bank accounts.
Here’s what IRS Publication 583 says about it:
One of the first things you should do when you start a business is open a business checking account. You should keep your business account separate from your personal checking account. The business checkbook is your basic source of information for recording your business expenses. You should deposit all daily receipts in your business checking account. You should check your account for errors by reconciling it. (Emphasis added)
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