Small Business Tax Records
May 25th, 2008
Question: Small Business: How To Separate $$$$$?
I’d like to start up my own small business- just myself. I will be selling both products and services. Here are my questions in regards to this.
#1, Should I open up two checking accounts? One as being the personal account and the other as personal account doing small business as………?
#2, If yes to question #1, how do I go about keeping records of $$$$ I make/withdraw? Example: Say in checking account as doing business as…………I have $25,000! I’d like to purchase a new car- how do I go about withdrawing this $$$$ with out being charged and screwing up my taxes?
Answer: using the car as an example you could just pay it off and consider it a cost of doing business and any time it is use otherwise it would not be deduction as a business expense or you could take money out of account numbe two and pay to account numbe on in the form of salary == really confussing to try to explain with out a chalk board but if you are serious before you get really started you need to set down with you tax man and let him set up your books!!!
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