Using business debit card for food purchases on the road.

That sounds more accurate to me.

 

Yeah, I get that. I would not be doing that though.

 

Questions similar to yours are asked here frequently. You will get answers to your question that are all over the place, some good and some bad. My advice to you is to check with your accountant, he/she will give you the best advice.

 

10/4

 

If you are a sole proprietorship, it really doesn't matter if you have one bank account or two, personal credit card or business credit card. You are the business, All trucking income goes onto a Schedule C then all expenses go onto the Schedule C. it's all about the bookkeeping.

If you are incorporated, that's different. A corp is a distinct separate entity. A corp needs its own business accounts.

 

Context is important, supply it or be thought of as gaming a system that eventually you will lose on

 

The object is to be able to keep track of your expenses.

I have an app that all of my business expenses go into. But my bank accounts are broken down that I have several but one is for business expense and one is for personal expense.

Business expense is all of the things that you can deduct. My accountant tells me never never never deduct food. Per diem yes food no.

So I buy fuel log books bungee straps 2290 whatever, all of that is set up to come out of the business account. Food anything for my personal cars etcetera etcetera that goes out of my personal account.

But really you need to have an accountant that he needs to tell you what it is that do you need to do.

 

I am a sole proprietor. I keep all receipts and records and claim per diem, therefore I have never seen (or been told by my tax man) how it would matter.

To be clear, no double dipping here.

 

Minnow worries in a sea of whales..

 

I have an LLC. So not a sole proprietorship. I have 2 bank accounts. Both have checking and savings. One's for business under my LLC and the others for personal. Every week I transfer my pay from the business account to my personal account. When I'm at home I use my personal card. When I'm conducting business I use my business card. Every cent I spend I keep track of. My plan is to give all info/expenses to the accountant and let them figure out what goes were.