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Using Your Business Bank Account

The following information is based on IRS guidelines

Using Your Business Bank Account

Your business must have its own bank account.

The IRS requires proof of payment so Pay All Business Expenses using Business Accounts (Check, Credit or Debit card, Bill pay, Auto Draft, ACH)

Don’t Pay for business expenses with cash, cashier’s checks or money orders (These are almost impossible trace!)

 

Do not use the business account for personal expenses (This is co-mingling funds!)

Do not use your personal account for business expenses (This is co-mingling funds!)

Do not Co-Mingle funds. If you mix your business & personal expenses, the IRS will consider all of your expenses personal and make you pay taxes on all of your income!

Over 200 Years Of Collective Experience

A major benefit of choosing Abundant Returns as your full spectrum tax and financial professionals is you gain access to our full team of highly experienced CPA’s, Enrolled Agents, Business Consultants, Financial Experts and staff that can assist you. Our professional team members enjoy working with clients who are building successful businesses that concentrate on growth and development. We stand by our work and welcome further auditing and second opinions because we KNOW our team has covered all the bases to keep more money in your pocket. Our founder, Larisa Humphrey, built this company on a strong foundation of ethics, accuracy, and honesty. As an IRS Enrolled Agent she has earned the privilege of representing taxpayers before the Internal Revenue Service by passing a rigorous three-part test on tax law for individuals and businesses.

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