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    2 Replies Latest reply on Sep 30, 2008 3:48 PM by LUCKIEST

    Bussiness Account

    UHC351 Newbie

      We started a home based bussiness, which is starting to return good cash flow, I have a seperate job and at this point I really do not need cash, the question is, do we leave the profits in the bussiness account, or do we transfer them to our personal account. Are there any tax Pros & Cons, or any hidden dangers?
        • Re: Bussiness Account
          DomainDiva Ranger
          What you are describing is called co-mingling of funds. Your accountant is not going to be happy. Open a business account and pay a salary and make tax deposits.

          If you take any profits take them separately under whatever category your accountant sets up for you.

          You may also want to get on QuickBooks to make this process a little easier.
          • Re: Bussiness Account
            LUCKIEST Guide
            Business Account. Welcome

            Tell me more. Who are you?? Where are you?? What kind of Business??

            Everybody in business should have an Accountant. Ask your Accountant