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Discussion in 'Lawn Mowing' started by Mowman, Feb 4, 2001.

  1. Mowman

    Mowman LawnSite Senior Member
    Messages: 553

    How do you one man shows pay yourself? Do you write yourself a check each week? Or do you do it another way? Do you pay your other bills out of your Lawn Care Account? Like house payments and other bills that you have. Thanks for your input.
  2. RYAN

    RYAN LawnSite Member
    Messages: 211

    I pay myself a set amount weekly and at the end of the month I reimburse myself for things I paid for with my personal account. ( Truck, gas, postage, office supplies)
  3. Dusty

    Dusty LawnSite Member
    Messages: 97

    More years ago than I care to remember, I dated a woman that worked for the IRS. One of the things she told me to be careful about in my business was co-mingling of moneys. I was told not to mix business affairs with personal affairs. To do so opens Pandora's Box when you get audited. Every payment to others is suspect whether it is a business expense or personal. She taught me other things, but that is not part of the discussion!!!!
  4. SJR Lawncare

    SJR Lawncare LawnSite Senior Member
    Messages: 250

    I have a business checking account, and I have a personal account. Each week I write myself a check from my business and deposit it in my personal account. It has worked well for me.

  5. jrblawncare

    jrblawncare LawnSite Senior Member
    Messages: 445

    Dusty,sounds like you had some good "hands on" training.I have two business accounts..checking and savings.I will write myself a check when needed over to my personal account to help with home bills.The business savings I try to leave alone for up grades to the business.John
  6. Randy Scott

    Randy Scott LawnSite Bronze Member
    Messages: 1,915

    Her name wasn't Pandora was it?
  7. Dusty

    Dusty LawnSite Member
    Messages: 97

    I deposit all incoming funds into the savings account and allow it to collect interest until I need it. When I write checks, I transfer to the checking account to cover the checks that I have just written. I keep just enough in the checking account to make sure that it doesn't incur service fees. If for any reason I make a mistake in the bookkeeping, the bank will automatically transfer money from saving to checking and will not bounce a check or charge any fee. I have to keep a $5000 average balance in checking to a not incur fees. It is easy to do once you train yourself to deposit frequently and write checks only on the 15th & 30th of the month. That way you have everyone paid on time and have the use of the money for the longest period. Don't forget to take all cash discounts for fast payment when offered.
  8. Dusty

    Dusty LawnSite Member
    Messages: 97

    In the year or so that we went out, I learned a lot of things. One was never lie to a government agent! I also learned how "criminal investigations" within the IRS work. You don't want to ever get caught up into one. Even if you win, you lose in the end, considering the expense and aggravation. Keep good records and always document the check that you write to an individual with their name, address, telephone number, and if possible, their Social Security number and/or birth date. With this information you can prove that the check was written to an actual person & not used to divert money back to yourself. Always tell the person that they should cash the check themselves, and never cash it for them. To do so, casts a shadow of suspicion on you. By the way, her name was ******.
  9. Skookum

    Skookum LawnSite Senior Member
    Messages: 675

    I have a business checking and savings account seperate from our personal accounts. I do not actually pay myself any rigid amount. I just float money out of the business savings to our personal accounts as needed. I try to never write business checks for personal items.
  10. thefarmer4

    thefarmer4 LawnSite Member
    Messages: 71

    I've been told by the accountant and insurance agent write myself and my partner a regular paycheck. This is to prove that we have some personal income if we ever have to collect disability insurance. This is because its based on you income and if you go off your taxes that might not show any income. Also you have to show income to put money away in a IRA.

    Hope this helps.

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