April 1

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Yes, You need a Separate Business Banking Account

By Mimi MacLean

April 1, 2021


When you start a new business, there are so many things to do that it is easy to let things pile up and cut corners. But starting a separate bank account is not one of those things to let sit on the to-do list too long. You will be sorry if you do, and you will pay the price at tax season next year!

Here are some reasons to motivate you to do it this week:

  1. It makes your bookkeeping easier
  2. Prevents mix up between personal and business
  3. You can maximize your business deductions
  4. Most Importantly, if you are audited by the IRS and mix your personal transactions, this allows the IRS to look into your personal taxes. Not good!

Here is everything you need to open a business account:

  • Your Completed Business Account Application
  • Articles of Incorporation, Articles of Organization, or Your 501(c)(3) status
  • Tax ID Number
  • Proof of Primary Address
  • Passport or State ID
  • Monthly Credit Card Revenue
  • Partnership Agreement

Don’t forget to get a separate credit card while you are at it!

Now that you have your personal and business accounts separate let’s take it a step further and really get organized with your “Books.” Even though I am an accountant, the thought of doing my own books made me want to throw up, so I found the PERFECT solution, Bench. It is easy, user-friendly, and super reasonably priced! I am so in love that I have become a Bench Ambassador. I can now sleep at night knowing my books and taxes are up to date and in order! You have to do it today! I promise you it will be cheaper than any accountant you use for bookkeeping and your tax return, and you will feel in control of your own books. Bench helps you keep everything in one place, so you are all set to file quickly and smoothly when it comes time for tax season. The best part is that you get a personalized bench employee to work with you one on one. To try out Bench, click HERE, and you will get a free trial and 30% of your first three months with Bench!

*This post is sponsored by Bench, and I make a small affiliate commission when you use the above link. You do not get charged more, and the commission goes into making the weekly podcast. Thank you!*

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