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Old 11-30-2013, 07:22 PM   #21
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You don't need it, but pretty handy for accounting and if/when you get audited.
Much easier not to send all personal banking info.

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Old 11-30-2013, 08:22 PM   #22
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Location: Southeast USA
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I think everyone should have more than one checking account. DW and I have accounts at three different regional banks and two different local credit unions. They are separate from our investment accounts. All accounts are totally free including checks and they offer a variety of services. All banks/credit unions are bricks and mortar. We keep about two months' living expense in each bank/credit union.

Don't forget SS. DW has operated a home based business for several years. When she applied for SS in 2010, she was audited by SS. They called it a "random audit". She had to justify her self-employment earnings back to 1992. The SS auditor had all the IRS records. Fortunately, our records were in order. This was not a detail audit where we had to justify every item, but we did have to explain a few things. I was sort of proud that we had detailed IRS records and supporting documents back to 1992 (and beyond).

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Old 12-01-2013, 04:54 PM   #23
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I can see the usefulness of having a separate account for a business, but is there a good reason to have a "business" checking account as opposed to a separate "personal" checking account for your business?
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Old 12-01-2013, 05:02 PM   #24
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Most banks charge for a business account.... so if you change make sure that is in your thinking.... also, most want SOME kind of proof of a business... filing your DBA name with the state or local gvmt....

I am not in the camp of having it for IRS records.... if they look through the checks you spent and do not like an expense they can throw it out anyhow... just use Quickbooks or some other kind of accounting system (maybe even Quicken is good enough) and produce accounting records along the way... showing that you have kept up with the business side when you are not being audited goes a long way....
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Old 12-02-2013, 10:25 PM   #25
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Location: Columbus OH
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I have an LLC and opened a biz checking account at my local bank. Opened it in the name of the LLC with me as sole proprietor. Made sense to keep all expenses and invoiced income clean and separate from my personnel accounts. My bank opened it up and set me up in 10 mins. No charge.

I filed my LLC online with my State and ordered business cards from Vista print ( used a free trial logo maker) and was all set in less than an hour online.

Come tax time I had to buy Turbotax Home and Business.

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