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business and personal

Discussion in 'Trucker Taxes and Truck Financing' started by kasey89, Oct 30, 2013.

  1. Oct 30, 2013 #1
    kasey89

    kasey89 Bobtail Member

    10
    3
    Aug 9, 2013
    0
    What kind of harm does it do if you pay for person thins like child support and electric bill with your trucking business account instead of your personal and vise versa
     
    kasey89, Oct 30, 2013
    kasey89, Oct 30, 2013
    #1
    blairandgretchen Thanks this.
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  3. Oct 30, 2013 #2
    Passin Thru

    Passin Thru Road Train Member

    1,918
    565
    Mar 8, 2007
    VA
    0
    It is just good business practice to seperate the two and pay personal from income after the truck business is all paid and you have $ in the maintenence and replacement acounts. I always seperated them and paid the truck stuff 1st.
     
    Passin Thru, Oct 30, 2013
    Passin Thru, Oct 30, 2013
    #2
    blairandgretchen Thanks this.
  4. Oct 31, 2013 #3
    Willi

    Willi Light Load Member

    58
    12
    Nov 30, 2011
    Okanagan Valley, BC
    0
    this can get complicated for accounting. as a sole proprietor, not incorporated, it's not as bad but I still transfer the funds to a personal account to keep it easier to track.
     
    Willi, Oct 31, 2013
    Willi, Oct 31, 2013
    #3
    blairandgretchen Thanks this.
  5. Oct 31, 2013 #4
    blairandgretchen

    blairandgretchen Road Train Member

    13,833
    75,711
    Dec 9, 2011
    South west Missouri
    0
    Much easier to sort out if you run a separate account (or two) for personal bills.
     
    blairandgretchen, Oct 31, 2013
    blairandgretchen, Oct 31, 2013
    #4
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