Run business through the family's checkbook
Is there anything wrong with running my business through my family's check book and use my personal credit cards?
In a word, YES!
It can be difficult at first, but if you're serious about being a business owner, set up separate accounts for your personal and business finances, and keep records accordingly.
Separating your financials will help ensure you know where your money's being spent, saved and allocated.
And while the U.S. Tax Code doesn't directly address how home offices should handle their finances, the IRS looks suspiciously at those businesses that deduct business expenses when they "commingle" funds -- or share personal checking accounts or credit cards.
Related Categories: Accounting, Finance, Taxes, Cash Managment, Family Business, Home-Based Business, Organization
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