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The #1 Rule to Avoid an IRS Audit

For a new entrepreneur, the business checkbook is a core tool, but only if used correctly. The either/or dilemma is often between the convenience of commingling funds and the long-term security of separation. This Safe practice is critical for every business owner.

Total Separation is the most important rule. A separate account provides clear evidence to support the items on your tax return if you are ever examined. This both/and solution ensures your business checkbook is used for business purposes only and allows you to see the true financial health of your business without personal spending clouding the picture. When you need to pay yourself, simply write a check from the business account to your personal account.

Ready to build a solid foundation? Read more on this topic by visiting https://www.safesimplesound.com/business-checkbook-strategy/.

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DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.

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