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Updated 8 days ago on . Most recent reply

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80
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Frankie Betancourt
  • detroit, macomb
41
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80
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How to separate personal and business expenses

Frankie Betancourt
  • detroit, macomb
Posted

Hello I recently Quit my Job to Rehab properties Full time but always had One Personal checking account where all my rental income goes into  about 6k a month i collect cash (easier for me and tenants) But how does one do this  i had planned on opening a separate personal account only where i deposit Rental income into but if i do So How will i Pay for modern day living expenses food,bills,car insurance,phone, etc...If ALL my income is going into the business account? because i dont want to  MIX the two for tax purposes and how do i know what is considered a BUISNESS  expense related transaction when i charge my buisness account?

Most Popular Reply

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13,460
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Joe Villeneuve
#5 All Forums Contributor
  • Plymouth, MI
19,534
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13,460
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Joe Villeneuve
#5 All Forums Contributor
  • Plymouth, MI
Replied

Have separate bank accounts.

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