As a small business owner it can be easy to intertwine business and personal finances, but keeping the two apart is vital. To build long-term financial growth and keep track of ongoing expenses and taxes, making sure your business and personal capital are separate is essential.
While as a growing small business it is tempting to save on as many costs as possible by claiming tax deductions, failing to see the difference between personal and business expenses could see you facing an audit or other legal consequences.
Here’s how to keep your personal cash away from your business finances.