Why You Shouldn't Mix Business and Personal Funds
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Do you keep your business and personal funds in the same account? If the answer is yes, you\'re making a move that may cause you many potential headaches in the future.
In this episode of By the Books, Lindsay is joined by Ryan Roodenberg again to talk about the dangers of mixing your personal and business funds. Not only does this become an issue should you be audited by the IRS, but it also can end up losing you a lot of money because you\'re not able to write off every true business expense.
It gets even murkier using items like Venmo for business uses because yes, you could get payments from clients, but what happens when a friend reimburses you for a trip or something else that\'s personal? You\'ll have a hard time justifying to the IRS that it\'s just a personal payment and shouldn\'t be counted as business income.
This is just some of what\'s covered in this episode. So before you find out the hard way, learn from the mistakes of others.
If you\\u2019d like to connect with Ryan or learn about more options for your health coverage, visit: https://www.linkedin.com/in/yourhealthcraftsman/
To reach Lindsay Kline, email info@sakline.com or visit sakline.com. You can also reach them at 866-266-5738.
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