shop owners

[Guest Eclipse]

I have a business checking account and I too pay all my bills out of it. Anything left over either goes in savings account or goes towards things I "NEED". :inot

[Guest Zrok]

yeah, I hate doing the money transfer shuffle, all my money goes into my business checking account, then when it's time to pay bills, I transfer money to the personal account, pay them, any bills related to the business come out of the business account.

[Guest Sprinter]

zrok that a great way to do it! I love the transfer thing!

[Guest tintchick]

I have a business account also,,,,,I only dip into it when I make big purchases

[Guest Evo]

I too have a business checking account, when it comes time to pay myself I take it as a "draw"...not that I have got to do it very much, I think Im working for free too, seems like it

[Image Tint]

If your an owner then there are lots of times you work for free

[Tintcutter]

I use a company called paychex. they give a paycheck to me just like the other guys. they do the quarterly tax reports. they give the W2 and 1099 forms at the end of the year to everybody. I take the report and my software file to the accountant. EOS

[Protint]

I used to use the same company.

[Tintcutter]

A business value for tint is 3-5 times what you make over the "management salary" amount. Or profit times about 4. It is less for super competitive and more for less competitive businesses. So figure, x2, or x4, or x7 if you own coca cola.

[Guest denvertinter]

If you're writing or having checks written to yourself, just make sure you're not paying taxes to uncle sam twice (business incomome and personal income). If you are, you might want to consider incorporating the biz where it's ok to show a loss on the books (I.e. no tax) and still pay yourself - while only getting dinged for taxes once.

I'd consult a tax professional to help determine what you need and what's best for your busniess.

As for paying *personal* expenses out of your biz, that's ok as long as you're a sole proprietorship (sp), but otherwise it might be a problem if you were ever to get audited by the IRS.