Separate business/personal accounts?

[Dean May]

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Marshall,
 
It does not have to be a business account. In fact, this is usually not
desirable as banks tend to tack on all kinds of extra charges to
business accounts. Just make sure all checks are made out to you
personally and there will be no problem depositing them into a
"personal" account. If the checks are made out to a business name, like
Marshall's Piano Service, the bank can balk at depositing them into an
account that does not have that as a DBA. 
 
But as far as the IRS is concerned the main thing is that it be a
separate account, not that it be called business account, just that it
be an account used exclusively for business. 
 
Dean
Dean May             cell 812.239.3359
PianoRebuilders.com   812.235.5272
Terre Haute IN  47802
 
-----Original Message-----
From: pianotech-bounces@ptg.org [mailto:pianotech-bounces@ptg.org] On
Behalf Of pianotune05
Sent: Tuesday, January 03, 2006 9:39 PM
To: Pianotech
Subject: Re: Separate business/personal accounts?
 
Hi everyone.
I have a seperate account, but it's not a business account.  Would a DBA
account work as I get busier?  Speaking of busy, any ideas on
advertising?  I'm not in the financial place to advertise plus we have
at least 8 tuners in South Bend that I've either met or heard of.  We
may have more in South Bend  and the surounding area.  
 
I like the word mingling.  That's how I met my wife.  :)
Marshall
----- Original Message ----- 
From: william <mailto:yardbird@vermontel.net>  ballard 
To: Pianotech <mailto:pianotech@ptg.org>  
Sent: Tuesday, January 03, 2006 8:49 PM
Subject: Re: Separate business/personal accounts?
 
 
On Jan 3, 2006, at 2:14 PM, Andrew and Rebeca Anderson wrote:
Co-mingling is what the tax-"services" call it.  Opening a second
account in the same bank usually works well.  Sometimes they allow you
to make electronic draws to your personal account but using a cheque is
better for record-keeping.
 
Let's not overlook having separate business checking and savings
accounts, so that when you get a deposit on labor yet to be performed or
invoices for materials yet to arrive, that deposit can sit in the
savings account and not get dissolved in the daily ebb&flow flow in the
checking account.
 
Bill Ballard RPT
NH Chapter, P.T.G.
 
"I go, two plus like, three is pretty much totally five. Whatever"
    ...........The new math
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