I have a question that I'm hoping to get advice on…I'm wanting to make things very easy and transparent for taxes. My question is, when I move money from my checking account, into my business Account (so I have money for business expenses) should my memo for the fund transfer say “not a sale”? That way when someone does my business taxes, they know that it wasn't a sale and makes things easier? Or is there a different praise of words I should write? Does this even matter?
question-- as a sole prop, would a venmo business account satisfy the "separation of funds" recommendation? In other words, can I take payments via venmo business, and then transfer out to a personal account, or should i have a business payment app PLUS a business checking? Thanks
Hey there! While you could do that, we still recommend that you have a business checking account. Plus a lot of business checking accounts work directly with Venmo and other cash apps and offer more business-specific perks that you can capitalize on (most have no monthly fees either, so while it takes some work to set up an account initially, there's no real reason not to have one). It's also a good idea to check the tax implications for using Venmo for business. You can learn more about Venmo taxes by checking out our blog post: www.merchantmaverick.com/venmo-taxes/. With that being said, if you're still unsure, we recommend that you speak with your accountant! We hope this helps. Best of luck! 😊
Hi there! Since your business isn't incorporated, you don't need to make a business savings account. You can continue using your personal banking accounts for your business expenses, but keep careful records so you can write off those expenses come tax season. It's not a bad idea to have a separate bank account to keep your personal and business finances separate! If you're interested in a business bank account, check out our post sharing the best business bank accounts for freelancers. We hope this helps! www.merchantmaverick.com/best-bank-for-freelancers/
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Thank You! Great Video.
Thanks for watching, Lilly!
Awesome video man! Thanks for sharing 🤝
Thanks for stopping by!
I have a question that I'm hoping to get advice on…I'm wanting to make things very easy and transparent for taxes. My question is, when I move money from my checking account, into my business Account (so I have money for business expenses) should my memo for the fund transfer say “not a sale”? That way when someone does my business taxes, they know that it wasn't a sale and makes things easier? Or is there a different praise of words I should write? Does this even matter?
Who can start business account? If starts during work permit would affect in an point when applying for PR?
question-- as a sole prop, would a venmo business account satisfy the "separation of funds" recommendation? In other words, can I take payments via venmo business, and then transfer out to a personal account, or should i have a business payment app PLUS a business checking? Thanks
Hey there! While you could do that, we still recommend that you have a business checking account. Plus a lot of business checking accounts work directly with Venmo and other cash apps and offer more business-specific perks that you can capitalize on (most have no monthly fees either, so while it takes some work to set up an account initially, there's no real reason not to have one). It's also a good idea to check the tax implications for using Venmo for business. You can learn more about Venmo taxes by checking out our blog post: www.merchantmaverick.com/venmo-taxes/.
With that being said, if you're still unsure, we recommend that you speak with your accountant! We hope this helps. Best of luck! 😊
hi nice video
Thanks for stopping by, Chana! 🥳
thank
Thanks for watching!
My business is a sole proprietorship. My question is do I need a saving account? Is it just for paying taxes?
Hi there! Since your business isn't incorporated, you don't need to make a business savings account. You can continue using your personal banking accounts for your business expenses, but keep careful records so you can write off those expenses come tax season. It's not a bad idea to have a separate bank account to keep your personal and business finances separate!
If you're interested in a business bank account, check out our post sharing the best business bank accounts for freelancers. We hope this helps! www.merchantmaverick.com/best-bank-for-freelancers/