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You probably spend a lot of your day dealing with the operation of your business — buying supplies, paying employees, and more. Just be sure that whatever you do, you keep your business and personal finances separate.
Here’s why:
Unless you’re a sole proprietor, you must file a separate tax return for your business. When you keep your expenses separate, it makes this process much easier and more manageable. Plus, if you use a business account to conduct business with your customers, you’ll reflect more credibility and professionalism (think about your own experiences).
How to keep your business and personal finances separate
You may be thinking that keeping your finances separate is simple to do, but sometimes the line gets a little blurry. Check out these seven tips:
By following these tips, you’ll be on your way to keeping your business and personal finances separate. To learn other best practices to follow, talk to your CPA.
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