I know, this sounds pretty basic. But I often see business owners knowingly or unknowingly falling into the trap!
Why is keeping business and personal spending separate SO IMPORTANT?
☑️ Commingling funds complicates bookkeeping – costing you A LOT more time and/or money to get things in order
☑️ Poses the risk of inadvertently missing certain tax deductions
☑️ Increased scrutiny by IRS if you get audited
☑️ Poses legal risks if your business is a Corporation or LLC – since you are no longer treating your business as a SEPARATE entity.
Long story short…It’s just NOT worth it! ❌
Be sure to get a separate bank account for your business and be disciplined about exclusively using it for your business.
You will really thank yourself in the future, I promise!😊
Questions or need help with this? Feel free to PM me/ set up some time with me!