How to separate business from personal?
I recently had a mess up in my taxes due to my personal finances being too intermingled with my business finances.
I own a Triplex that I live in. My book keeper and CPA have recommended me to open a separate bank account for business and run all “business” things through that account.
How would you guys go about doing this? Would you put all expenses an a credit card?
Would you pay mortgage, insurance, and water through the business account, then personal expenses like electric and cable through your personal account?
When you collect rent, do you create a Venmo for the business?
Do I need two phones so I’m not login in to two different accounts all the time?
Thanks for the help!!