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Old 07-27-2010, 09:47 PM
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nedly05 nedly05 is offline
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Savings Account

Does anyone have a savings account or special account for their business? I'm thinking that it would be nice to have when it came time to make equipment purchases, either a significant amount could be put down, or the purchase made in full. Are there any tax advantages/disadvantages to doing so? How do you determine how much do deposit?

Thanks!
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Old 07-27-2010, 09:48 PM
nepatsfan nepatsfan is offline
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is this a serious question?
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Old 07-28-2010, 12:06 AM
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Barge Man Barge Man is online now
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Quote:
Originally Posted by nedly05 View Post
Does anyone have a savings account or special account for their business? I'm thinking that it would be nice to have when it came time to make equipment purchases, either a significant amount could be put down, or the purchase made in full. Are there any tax advantages/disadvantages to doing so? How do you determine how much do deposit?

Thanks!
We have a savings account for the company, dont know of any tax advantages.
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Old 07-28-2010, 12:08 AM
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bobcat_ron bobcat_ron is offline
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I just have a regular account, all my expenses come out and money goes in, my Dad had 5 lines of credit at 3 different banks and 14 credit cards, all to be where he is now, deep in debt and worth more dead than alive.

Keep your business simple.
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Old 07-28-2010, 06:14 AM
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nedly05 nedly05 is offline
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is this a serious question?
Yes, why do you ask?
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Old 07-28-2010, 06:40 AM
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AI Inc AI Inc is offline
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Yes , any check I receive for less then $100 goes into it. Then I use it to pay company bills over the winter.
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Old 07-28-2010, 07:24 AM
tbi tbi is offline
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I set aside 10% of every check I get which covers any sales tax collected and builds a slush fund.
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Old 07-28-2010, 07:30 AM
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ahhh that good ole sales tax. Extortion for the right to purchase something with the money one earned and already paid income tax on . How gross is that.
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Old 07-28-2010, 08:21 AM
nepatsfan nepatsfan is offline
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Yes, why do you ask?
Are there people that don't?
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Old 07-28-2010, 09:30 AM
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ProTouch Groundscapes ProTouch Groundscapes is offline
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we have a checkings account that the majority of checks go into. that account is used to pay the credit card bills (in full every month) b/c i rarely carry cash and use the card to pay for pretty much everything. we also have a savings account for just what you described, to save up for equipment purchases.
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