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mikelu9661
Level 3

Personal & Business Within 1 charge feed

Hello, I have some business expense purchases mixed with personal in one transaction checkout, so basically the banks feed will show one charge and part of it is business supplies, I was not aware how taxes were done before expanding my journey to the end of the first year of business so I didn’t know that was making things complicated, but it seems moving forward its best to leave business purchases alone, never mixed with business, but I guess since it's already done not sure how I should handle a situation like this.

2 Comments
Teri
Level 9

Personal & Business Within 1 charge feed

Good for you to realize not right and seek to make better.  Definitely the sooner the better to start splitting business vs. personal expenses.  Separate bank account and credit cards are recommended to be easiest. 

 

For transactions already processed, how you sort those out depends on your business entity type, are you:

Sole Proprietor?

LLC? 

S Corp?

C Corp?

mikelu9661
Level 3

Personal & Business Within 1 charge feed

I'm a Sole proprietor, yeah moving forward definitely will have them in different places.

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