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It's time to separate work and play…business expenses

Level up your entrepreneur game by keeping your business and personal finances separate.

Was that cab I took the one where I went to that meeting across town? Was it the one I took home from the grocery store? No, wait. It was when - well, now I don't remember.

For tax purposes, and for personal sanity, it's a good idea to keep business transactions and personal ones separate. This is where you should consider maintaining a separate debit or credit account. Because when it comes time to review expenses, it's ideal to keep hair pulling to a minimum.

There are some expenses we don't want to relive, and going over the last 30 cups of coffee probably makes that category. Sure keeping one account for a while might work, but in the long run, keeping business expenses in a different account will save you from so many headaches.

Remember This: Opening up a separate account for business transactions will take the guesswork out of your payment history.

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The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.




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