Small business questions

[leahannpen]

I started doing "in-home" sales, so I opened a business checking account. Well, I come to find out I get charged $9.00 a month in "maintainance". Should I just close it and get a personal account, or should I keep it for tax bennies? I know NOTHING. I did pay to become an LLC with our state. Don't know if that matters.

Also, when one talks of "tax write-offs"...how exactly does this work? I don't need a tax lesson, just the basics.

Can anyone give me any good advice on running a small business? I've never done this. I just jumped in feet first.

Also, let's say our regular home account could use help a month here or a month there...can I put money into it, or am I crossing some line?

Maybe I should have just stayed "personal"?

Any help, tips or advice is greatly appreciated!

 

[robinb]

I know that if you have a personal checking account, your bank will not cash checks made out to your business name. You will be able to deduct your fees.

 

[offwegotoneverland]

If your going to have cheques written to the business you'll need the business account (and not a personal account).

as to paying yourself there is no reason why you can't do that..just keep records of it all of course.

Tax stuff is for someone else I'm sure!

 

[camreesmom]

Capital One offers a free business checking account. I switched after I found out our local credit union was charging $10 maintenance fee. You can write it off as a business expense when it comes to tax time but why spend money you don't have to.

 

[va32h]

Many banks have free business checking; I use Compass Bank for mine.

Any bank fees you do pay are deductible as a business expense.

Yes, you can pay yourself. I am not sure why you structured yourself as an LLC, I file as a Sole Proprietor.

Keep detailed records of everything you do. For the first year you file, have a professional do it and ask lots of questions. I have a Sole Proprietorship and do all my tax paperwork myself.