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Help!!! New to the business!! Does any one have a business bank account or do you just use your general family one? If you have a business one do you "pay" yourself or just buy household things with that account? Thanks!
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I have a business account and I pay myself every week. -
i cash my checks at the dcps bank and save the receipts to record payment, then I put 15% in my savings account for taxes, buy supplies that I need, and whatever left over is my "pay"....amazing how a $100 weekly fee becomes a $50 weekly paycheck for me....Comment
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Originally posted by cillybean83 View Post
15%!!! Wow I was told 1/4 to 1/3 set aside for taxes!
Oh TOM!!!! What do you advise??????Comment
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i always get a refund because we get earned income credit and the child tax credit, so i put it back as a safety net "just in case" something were to happen and i ended up paying in, plus it was my first year and i took a loss so the amount i put back might need to change if i fill up all year.
Tennessee doesn't have state income tax either, so that helps!Comment
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Kids are grown, so no Child Tax Credit. Don't own a home anymore, so no deductions there either. I did spend a lot getting started this year. Had 3 kids part time 1st half of the year and 4 kids part time the 2nd half of the year. I know I didn't pay in the full 1/3 this year, due to moving expenses. So, I'm praying my deductions off set the part I didn't pay in!Originally posted by cillybean83 View PostComment
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BTW , OP, didn't mean to side track your thread.
I have a separate account too. It is a DBA, Doing Business As account. I keep my tax money in it and take out the rest to a separate acct to spend as needed.Comment
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I don't have one yet, but was curious... if you do have a business account, how is it different from a regular account?? Or IS it a regular account, that you just use for business? Or is it a special "business" account.Comment
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