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Old 02-16-2013, 08:46 AM
jay albers jay albers is offline
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business account or personal

little history first, i was running just the lawn business for about 4 years in which i had a business account with the business name.

last year i got a full time job but still do the business on the side.

i made less in the lawn biz but more over all.

i'm wondering if i should have my customers just write there checks in my name and put it in my personal account instead of the biz name.

I was wondering for tax reasons,
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Old 02-16-2013, 08:55 AM
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knox gsl knox gsl is online now
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Won't make a difference on taxes unless you're trying to avoid paying them.
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Old 02-16-2013, 08:57 AM
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You still have to pay taxes, so why wouldn't you keep a separate account? What is the big negative consequence, in your opinion, that makes you want to close your business account?

It's going to be much more work separating everything, because you can't just accept income and not pay taxes and you'll have to do twice as much work when you pay any business bills
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Old 02-16-2013, 12:26 PM
jay albers jay albers is offline
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was hoping i wouldn't have to spell out my goals cocerning the goverment.

i'll talk to my cpa.
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Old 02-16-2013, 01:00 PM
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Quote:
Originally Posted by jay albers View Post
was hoping i wouldn't have to spell out my goals cocerning the goverment.

i'll talk to my cpa.
So are you wanting to take money in under the table and cash checks into your personal account? I guess at that rate you could drop business insurance and not be licensed through the state as well. It looks like you want professionals to condone you being a scrub to our industry.
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Old 02-16-2013, 03:45 PM
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Quote:
Originally Posted by jay albers View Post
was hoping i wouldn't have to spell out my goals cocerning the goverment.

i'll talk to my cpa.
Your CPA can only give you so much advice...talk to an attorney; they have attorney-client privelage. CPAs don't have that. Which means they can report you if they find out that you're hiding income under the table.

Just a word of advice...if you want to avoid paying your taxes on business revenue, don't talk about it on a public forum.
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Old 02-16-2013, 05:10 PM
205mx 205mx is offline
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I guess just take cash only. Use it for groceries and fuel and what not. I mean, in accept cash but I always report it. Only discount I give is $.50 cents for postage :-)
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Old 02-16-2013, 06:39 PM
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ringahding ringahding is offline
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If this is not what you're going to do be doing for a living, you still need to claim all sales. I will save you the trouble of HITTING up a CPA (because my wife is not only my accountant, but many other small businesses).

She runs into this all the time, where guys are trying to cut corners. I am the worst person to give advice so here is my best suggestion---->>>>Everything you do in life & business BE HONEST and Karma won't come back and bite you in the xxx
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