Do you separate your personal fiances from your business finances

@venshida (4837)
United States
January 23, 2010 7:09pm CST
If you are treating your crafting as a business, it is IRS guidelines to separate your business finances from your personal business finance. It also helps you keep better track of your business. I have being in business now for over one year, and I am afraid I have being co mingling my finances. It is something I hope to stop in 2010 so how about you. Do you have a separate bank account for your crafts or do you use your personal finances?
2 responses
• United States
29 Jan 10
I am very bad about this...No I don't do this and I'm also planning on keeping my business finances separate in 2010. The main thing holding me back is having to go to the town that is the county seat, and apply for a business permit that will allow me to open a bank account. I already have all the tax IDs, but until recently (when I tried to open a business checking account)I found I still need to file for a business permit in the state to have a bank account. I pay state tax each quarter, and claim my earnings on my federal taxes every year, but I have to pay another fee to be able to open a checking account in my business name...ugggggh. What is holding me back is this process must be done in person and of course the only time this can be done is during normal business hours Monday-Friday...when I work at my J-O-B. I'm off from work next Friday...I guess it's time to bite the bullet and git yer done.
@venshida (4837)
• United States
30 Jan 10
It sounds like you are doing okay. You are doing better than me. I have an checking account, but it is not set up as a business. My big problems is keeping track of the supplies especially beads. I don't a system in place. I did call about a business license, and it was so expensive.
@cher913 (25890)
• Canada
27 Jan 10
yes i do because if you do have your own business out of your house, whether it be crafts or whatnot, you can claim things like a certain amount of heat, hydro and other expenses (here in canada anyways).
@venshida (4837)
• United States
28 Jan 10
I am working really hard to separate my accounts. This is the year I am sure I will have it under control.