You need a Separate Business Banking Account
Photographer: Jonathan Cooper | Source: Unsplash ess bank When you start a new business, there are so many things to do that it is easy to let things pile up and cut corners. But starting a separate business banking account is not one of those things to let sit on the to-do list too long. You will be sorry if you do, and you will pay the price at tax season next year! Here are some reasons to motivate you to start one: It makes your bookkeeping easier Prevents mix up between personal and business You can maximize your business deductions Most Importantly, if you are audited by the IRS and mix your personal transactions, this allows the IRS to look into your personal taxes. Not good! Here is everything you need to open a business banking account: Your Completed Business Banking Account Application Articles of Incorporation, Articles of Organization, or Your 501(c)(3) status Tax ID Number Proof of Primary Address Passport or State ID Monthly Credit Card Revenue Partnership Agreement ...