Have a Tax Question? Ask a Tax Expert
Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
How are you today?
It's always a good idea to reconcile accounts.
If you have a business account, I would consider paying yourself back out of the business account.
I don't have a business account for the sole prop as I thought it wasn't needed. Should I open one for FY 2014?
I would always keep your personal and business accounts separate - makes it easier to keep track of everything.
And if you pay for everything out of your business account, at the end of the year you can pull a spreadsheet from your bank website with the expenses totaled up for you :-)
It's not required, though
Okay, well in the meantime can I just keep receipts until I open a business account?
Yes, that's fine
Great! I'll do that for the rest of the year and then open an account shortly. Thanks for all of your help again :)
You're welcome. Feel free to ask for me anytime you need anything